Chancellor says UK not planning retaliatory tariffs on US ‘at the moment’

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Rachel Reeves has said the UK is not immediately planning retaliatory tariffs on the US after Donald Trump announced a 25% tariff on all car imports, sending shares in carmakers around the world sharply lower.

“We are not at the moment in a position where we want to do anything to escalate these trade wars,” the UK chancellor told Sky News when asked if Britain would impose retaliatory tariffs against the US. “Trade wars are no good for anyone.”