The United Kingdom is mulling its response to the tariffs President Donald Trump announced on Wednesday. The nation’s government has solicited input from corporations to craft its strategy and has signaled it might resort to retaliatory measures.
Business and Trade Secretary Jonathan Reynolds announced that the U.K. launched a consultation process with businesses that might be affected by Trump’s tariffs, according to Reuters.
Business Secretary Jonathan Reynolds said his priority was to reach a deal with the U.S. but that the consultation was a formal step necessary so the government could keep all options on the table.
"(The) talks with the US will continue to reflect our mandate to deliver economic stability, as we press the case for a trading relationship that supports businesses on both sides of the Atlantic," Reynolds said in a statement.
He said the consultation, which will run until May 1, would be paused and any measures would be reversed were the two countries to agree a deal.
The consultation's purpose is to allow the U.K. to develop a strategy to counter the tariffs. The government published a list of U.S. products that it might slap tariffs on to solicit input from U.K. businesses.
The list is over 400 pages long and includes products such as pure-bred breeding horses, frozen goat legs, clothing, pearls, glassware, and many others.
On its website, the U.K. says it wants “to know what you think about the impacts that any future UK tariffs might have, if applied on US goods, in response to the US government’s recent tariff announcements.”
The information gathered will help the government to assess the scope and impacts of any UK tariff measures that could be applied. More detail can be found in the request for input. The government is engaging separately with affected industries and stakeholders, on the impacts of US tariffs.
The inclusion of a product on this list does not necessarily mean it will be targeted. However, it serves to foster discussion on which items should face tariffs if needed.
The U.K. indicated that it would prefer to resolve the trade disputes through negotiation. Reynolds said he would “remain calm” as he pursues a better deal with the United States.
Trump said Britain would be among the countries who would face the new lowest tariff rate on imports to the United States, while dozens of other nations faced higher duties.
"The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today," Business Secretary Jonathan Reynolds said in a statement after the tariffs were announced.
"We have a range of tools at our disposal and we will not hesitate to act. We will continue to engage with UK businesses including on their assessment of the impact of any further steps we take."
Britain has been attempting to reach an economic deal with the U.S. by offering to more closely align with Washington on areas such as technology, and has expressed hope that any tariffs can be reversed quickly once the two sides agree terms.
Unlike the European Union and other major economies, Britain has not retaliated over other U.S. tariffs but has said that it would keep all options on the table.
After the consultation period concludes, the U.K.’s government will analyze the feedback and figure out the country’s response. However, if Trump can iron out a deal that works for both parties, then the point might become moot.
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