UK must respect Trump’s mandate, Mandelson says, as president announces new trade war tariffs: Live

Lord Peter Mandelson, a former minister and key architect of the Labour occasion’s renewal within the Nineteen Nineties, mentioned his “precedence” in his new function as US ambassador can be to assist encourage an funding relationship with the US match for the twenty first century.

“Every of us desires to develop our economies,” he mentioned.

“I feel that what we have to do is to construct a know-how and funding relationship between the US and the UK that’s match for the twenty first century. That’s the place I wish to focus.”

He added: “We’re going to rely in rising our economic system on non-public funding, overseas funding, a considerable amount of which goes to come back from america of America.”

Donald Trump has mentioned he plans to impose 25 per cent tariffs on “any metal coming into america”, including that aluminium may even be topic to further duties.

The UK Authorities is ready to see particulars of the coverage, however the metal business physique referred to as for decisive motion from ministers whereas unions warned additional jobs may very well be put in danger in an already crippled sector.

Britain exported 166,433 tonnes of metal to the US in 2023, the final full yr for which figures can be found.

Figures from commerce physique UK Metal confirmed that in 2024 some 162,716 tonnes have been despatched to the US, however that doesn’t but embrace information from December.

The US is the business’s second-largest export market after the EU, though the federal government mentioned it solely accounted for five per cent of UK metal exports in 2023.

Stories counsel the prime minister is hoping to go to Washington within the coming weeks, although Downing Avenue has not confirmed any upcoming journey.

Up to now in his second time period within the White Home, Mr Trump has imposed, however then delayed, duties on imports from Mexico and Canada, and has additionally imposed 10 per cent levies on items from China.

Britain should respect Donald Trump’s “robust and clear mandate for change”, Lord Peter Mandelson has mentioned, amid questions over how the UK will reply to world tariffs threatened by the White Home.

The UK’s prime diplomat in Washington mentioned that Sir Keir Starmer’s Authorities can “all the time make our views recognized privately and straight” however that it should “perceive what drives him”.

Lord Mandelson acknowledged he was “involved” in regards to the looming prospect of tariffs and mentioned Britain would “not essentially agree” with each element of the brand new US President’s agenda.

On how the UK may attempt to persuade Mr Trump to vary his place on sure coverage areas with out alienating his administration, he advised the BBC: “Effectively, we’ve received to take all these points as they arrive, realise that the president has a really robust and clear mandate for change in america.

“Now that doesn’t imply to say that we’re going to agree in Britain with each single element of what he does, however now we have to respect and perceive what drives him, what his mandate is to do, and the way his allies want to regulate generally.

“And I consider that, given the connection that now we have, we will all the time make our views recognized – greatest, by the best way, straight and privately.

“We now have a robust relationship that permits us to affect the president and his insurance policies the place crucial, and it actually mustn’t have an effect on our skill to work properly collectively, and that’s what I intend stays the case.”

Beneath the chancellor’s plan, a 20 per cent inheritance tax fee can be launched on farms value greater than £1 million from April 2026. But it surely has sparked a livid backlash in farming communities and created an issue for a lot of newly-elected Labour MPs in rural constituencies.

Chancellor Rachel Reeves has confronted requires “significant tweaks” to deliberate inheritance tax on farmland from Labour backbenchers.

Sam Rushworth mentioned that farmers who work a £5 million property are “not millionaires”, whereas Julia Buckley mentioned sector companies at the moment face a option to “go large or go bust”.

Conservative former Scottish secretary David Mundell warned that beneath plans to impose inheritance tax on agricultural property value greater than £1 million, farmers’ kids will promote their land to non-public fairness companies to cowl the invoice, and estates would as an alternative be used for photo voltaic panels or industrial tree planting.

They made their feedback throughout a debate a couple of Home of Commons petition which referred to as on Treasury ministers to hold on with a 100% aid from inheritance tax masking agricultural property.

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In keeping with the Treasury, some 27 per cent of estates claiming agricultural property aid (APR) have been above the £1 million threshold in 2021/2022, suggesting that almost three-quarters of farms wouldn’t fall inside the scope of the costs.

The Treasury says round 500 estates a yr are anticipated to pay inheritance tax beneath the adjustments.

Nevertheless, the Nationwide Farmers’ Union (NFU) says farm companies have additionally certified individually for enterprise property aid, which might cowl issues comparable to harvested grain and livestock, equipment and diversified companies comparable to tenting on a farmer’s subject.

Now the 2 are mixed, with a single £1 million allowance earlier than inheritance tax is levied, which may imply extra farms are in scope.

The NFU factors to figures from the Atmosphere Division (Defra) displaying that 66 per cent of farm companies in England have a internet worth of greater than £1 million.

However the Authorities has countered that evaluation, saying that taking a look at asset worth alone doesn’t essentially imply the farm can be affected, because it is dependent upon particular person circumstances.

Monday’s tractor rally, organised by Save British Farming, comes as MPs debate an e-petition with greater than 150,000 signatures calling to maintain the present inheritance tax exemptions for working farms.

The petition has warned that the adjustments may “devastate farms nationwide, forcing households to promote land and belongings simply to remain on their property”.

Labour has insisted it won’t make a U-turn on its plans to introduce a 20% inheritance tax fee on farms value greater than £1 million.

The movies have been criticised by human rights teams and MPs for being melodramatic, with the Refugee Council saying the federal government was utilizing performative stunts to attempt to promote division.