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Reeves suggests UK trade with EU more important than US

The UK's trade relationship with the EU is arguably "more important" than the one it has with the US, the chancellor has told the BBC. Rachel Reeves suggested that moving closer to the EU on trade was a bigger priority, despite her current focus on talks with the US. After her meeting with US Treasury Secretary Scott Bessent on Friday, Reeves tweeted, external that both the UK and US want a deal that is "in both our national interests". Earlier this week, she signalled the UK could lower tariffs on US car imports from their current 10% to 2.5% as part of a wider deal. The UK is preparing for a summit with the EU in May in an attempt to "reset" the relationship between the two. "I understand why there's so much focus on our trading relationship with the US but actually our trading relationship with Europe is arguably even more important, because they're our nearest neighbours and trading partners," she told the BBC. "Obviously I've been meeting Scott Bessent this week whilst I'm in Washington, but I've also this week met the French, the German, the Spanish, the Polish, the Swedish, the Finnish finance ministers - because it is so important that we rebuild those trading relationships with our nearest neighbours in Europe, and we're going to do that in a way that is good for British jobs and British consumers." A Downing Street spokesman said the chancellor's remarks had been "a statement of fact that the EU is our largest trading partner". The spokesman also highlighted comments that Sir Keir Starmer has made previously where he had said it was a "false choice between the EU and the US".

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