Britain Fortifies Trade Defences Amid Global Turmoil

Britain is set to bolster its trade defences as the global landscape becomes increasingly uncertain due to trade wars and tariffs. Officials are poised to unveil a new trade strategy this Thursday, designed to protect vital industries. This involves partially implementing a deal to remove certain U.S. tariffs while acknowledging the need for a more 'agile, assertive, and accountable' trade remedies framework.

In an official statement, Business and Trade Secretary Jonathan Reynolds remarked that, as an open trading nation, Britain's new trade strategy must align with geopolitical realities and prioritize national interests. This strategic direction seeks to enhance trade defence mechanisms, ensuring that British businesses can withstand global economic disruptions.

Part of this strategic overhaul involves reforming the Trade Remedies Authority (TRA), which has faced criticism for its limited powers concerning steel imports. UK Steel has welcomed the proposed changes, calling the strategy a 'critical turning point.' Meanwhile, government efforts continue to resolve U.S. tariffs on steel imports, manage British Steel, and support struggling industries such as AB Foods' Vivergo bioethanol plant.

This marks Britain's first independent trade policy post-EU membership, an era the previous Conservative government saw as ripe for free trade agreements. In contrast, the Labour government prioritizes swift, practical trade deals, evident in its successful negotiations with India and progress with the Gulf Cooperation Council.

(With inputs from agencies.)