UK ministers anticipate increased tariffs as Trump prepares to announce new trade barriers, termed 'liberation day'. Recent talks between UK opposition leader Starmer and Trump signal ongoing negotiations for a trade deal. Failure to finalize an agreement before the announcement could harm the UK economy significantly, potentially causing a 1% reduction in growth and tax implications. Despite fears, officials remain hopeful about securing terms post-announcement to mitigate damage and ensure a beneficial deal for both nations.
One Whitehall official told the Guardian: We have been working hard behind the scenes for a while on an economic deal, and that work continues. But we don't see Wednesday as a hard and fast deadline.
Officials now fear, however, they will not have agreed the deal in time, sources have told the Guardian, and are resigned to being hit by whatever Trump announces on 2 April.
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