Rachel Reeves’s hopes of improving the economy have been dealt a significant blow after the International Monetary Fund slashed growth forecasts in the wake of President Trump’s trade war.
The chancellor is heading to Washington today, where she hopes to secure a breakthrough on a trade deal. The UK is seeking an exemption from US tariffs. She is expected to meet Scott Bessent, the US Treasury secretary.
Trump has imposed tariffs of 10 per cent on all UK exports to the US and 25 per cent on steel, aluminium and cars in a move that will have a significant impact on economic growth.
The International Monetary Fund said that it expected the UK economy to grow by 1.1 per cent this year, compared with its
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