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00:00the EU and Canada, there are fiscal implications for that.
00:05The government has been really clear that we're going to approach this in a clear-headed
00:10way and always represent the national interest. It's why myself and the Business and Trade
00:15Secretary met with big UK exporters this morning. They don't want government to rush into any
00:22response because the prize on offer is an economic agreement. We don't want to do anything
00:27that undermines that. We don't want to get ahead of ourselves. We are still in discussions
00:32with our counterparts in the United States.
00:35Last November set out a range of...
00:39Let's see how other countries and other trading blocs respond. I spoke to Commissioner Valdis
00:45Dombrovskis just before I came to give evidence at the committee today, and we are discussing
00:54with other countries and with the EU about the appropriate response to whatever announcements
01:01are made later today.
01:03My opposite number, Treasury Secretary Scott Besant, in his first week...
01:09The biggest impact comes from global tariffs, not UK-specific ones. The next biggest impact
01:15on the economy, both on growth and inflation, comes from retaliation, and actually the specific
01:21tariffs on the UK are less relevant to the growth and inflation impacts than the global
01:30picture, because we are an open-trading economy, and depressed demand from overseas because
01:36of tariffs, higher inflation overseas because of tariffs, has a direct impact on the UK,
01:44whether we are subject to tariffs or not.
01:47By their nature, fall on more wealthy people.
01:51The US administration are focused very clearly on improving the competitiveness of their
01:57economy, and as a global trading economy, and one with a big financial services sector,
02:03we need to make sure that we remain competitive on that world stage.