U.S. President Donald Trump has been engaged in a trade war with China for the past year, imposing tariffs on billions of dollars' worth of Chinese goods. In a recent statement, he threatened to raise the stakes further by increasing the tariffs on Chinese imports.
Carney Downplays Trump's Threats
However, British finance minister Rishi Sunak's predecessor, Philip Hammond, was replaced by Rishi Sunak. Rishi Sunak has downplayed the threats from the U.S. President, stating that the U.K. does not plan to get involved in the trade war between the two countries.
Sunak stated that the U.K. would continue to follow its own trade policies and negotiate its own trade deals, but would not engage in a trade war with China or any other country.
No China Trade Deal, According to Senior U.K. Official
A senior U.K. government official revealed that there is no China trade deal in the offing, according to a report from Politico. The official stated that while the U.K. and China have discussed trade agreements, there is currently no concrete proposal on the table.
The official added that the U.K. is focused on negotiating a trade deal with the European Union, which is currently the U.K.'s largest trading partner.
Global Uncertainty and Trade War Concerns
The ongoing trade tensions between the U.S. and China have caused significant concern among global economists and business leaders. The trade war has led to a decline in global trade, and many businesses are struggling to adapt to the new tariffs and trade restrictions.
The situation is further complicated by the ongoing Brexit negotiations between the U.K. and the EU, which has led to significant uncertainty about the future of trade between the two countries.
The current trade tensions between the U.S. and China, as well as the uncertainty surrounding Brexit, are causing significant concern among global business leaders and economists. The situation is likely to continue to evolve in the coming weeks and months, and it remains to be seen how it will ultimately impact the global economy.