UK Science Secretary Peter Kyle emphasized the need for cool, clear thinking regarding potential new trade tariffs from the Trump administration. In response to threats of US retaliation against UK's VAT on imported goods, Kyle assured that the UK government is prepared to assess any changes and act in the national interest. He noted the need to establish strong domestic economic foundations while mentioning that the US president's claim of treating the EU's VAT rate like a tariff reflects ongoing tensions in trade relations. The US administration has threatened more tariffs than it has actually imposed so far.
The first thing to reassure people is that we need a government with cool, clear thinking at times like this, and this is what you have with this Government.
What I said is that we will have a cool, clear look at what's in the national interest, and we will respond accordingly, based on what we actually have in fact.
The administration has so far threatened more tariffs than it has introduced.
During the announcement the president specifically mentioned treating the European Union's 20% VAT rate as an equivalent to being a tariff.
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