British finance minister Philip Hammond said on Friday he was hopeful the United...
LONDON - British finance minister Philip Hammond said on Friday he was hopeful the United States and China would step back from a potential trade war that risked causing very serious damage to Britain and the world economy.
The United States increased tariffs on $200 billion worth of Chinese imports on Thursday while the two countries were in the midst of last-ditch talks to rescue a trade deal, a development Hammond described as “disappointing”. “It is disappointing to see what looks like a setback in that process, but I’m optimistic that in the end there will be a deal between China and the U.S. That’s very important for us,” he added.
A spokeswoman for Prime Minister Theresa May told reporters earlier on Friday that Britain was concerned by the U.S. decision to raise tariffs on imports from China to 25%.Britain recorded its biggest-ever trade deficit in goods and services during the first three months of 2019, according to official figures released earlier on Friday, dragging on first-quarter economic growth.
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