The Chancellor and Business Secretary will later meet India’s finance minister for talks aimed at negotiating a deal with the country as the Chancellor said she wanted to create “the best possible conditions” for British business in a “changing world”.
Britain faces the lowest 10% “baseline” tariff rate from the US and has resisted imposing immediate retaliatory action, unlike the European Union, which is impacted by a 20% import tax.
Ministers still hope an economic agreement with Washington can be reached to soften the blow of the levy which strikes UK goods, along with a 25% import tax on cars and separate ones for steel and aluminium.
But the Government will also seek to strengthen trade ties with other countries, including by trying to rebuild ties with the European Union.
Chancellor Rachel Reeves said: “In a changing world, this Government is accelerating trade deals with the rest of the world to back British business and provide the security working people deserve.
“We are going further, faster to create the best possible conditions for British business by working to reduce barriers to trade.”
Discussions will focus on areas such as defence and job creation, as well as investment and trade opportunities, she said.
The UK has been through more than a dozen rounds of talks since 2022 over a potential agreement with India, which is forecast to become the world’s largest economy.
