Sir Keir Starmer says US-UK trade talks ‘well advanced’ and rejects ‘knee-jerk’ response to Donald Trump tariffs
Sir Keir Starmer has said US-UK trade talks are “well advanced” ahead of tariffs expected to be imposed by Donald Trump on the UK this week – but rejected a “knee-jerk” response.
Speaking to Sky News political editor Beth Rigby, the prime minister said the UK is “working hard on an economic deal” with the US and said “rapid progress” has been made on it ahead of tariffs expected to be imposed on Wednesday.
But, he admitted: “Look, the likelihood is there will be tariffs. Nobody welcomes that, nobody wants a trade war.
“But I have to act in the national interest and that means all options have to remain on the table.”
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Sir Keir added: “We are discussing economic deals. We’re well advanced.
“These would normally take months or years, and in a matter of weeks, we’ve got well advanced in those discussions, so I think that a calm approach, a collected approach, not a knee-jerk approach, is what’s needed in the best interests of our country.”
Downing Street said on Monday the UK is expecting to be hit by new US tariffs on Wednesday – branded “liberation day” by the US president – as a deal to exempt British goods would not be reached in time.
A 25% levy on car and car parts had already been announced but the new tariffs are expected to cover all exports to the US.
Jonathan Reynolds, the business and trade secretary, earlier told Sky News he is “hopeful” the tariffs can be reversed soon.
But he warned: “The longer we don’t have a potential resolution, the more we will have to consider our own position in relation to [tariffs], precluding retaliatory tariffs.”
He added the government was taking a “calm-headed” approach in the hope a deal can be agreed but said it is only “reasonable” retaliatory tariffs are an option, echoing Sir Keir’s sentiments over the weekend.
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Donald Trump speaks to reporters aboard Air Force One on Sunday. Pic: Reuters
Tariff announcement on Wednesday
Mr Trump has been threatening tariffs – import taxes – on countries with the biggest trade imbalances with the US.
However, over the weekend, he suggested the tariffs would hit all countries, but did not name them or reveal which industries would be targeted.
Read more: How Trump’s tariffs could affect the UK
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‘Everything on table over US tariffs’
Mr Trump will unveil his tariff plan on Wednesday afternoon at the first Rose Garden news conference of his second term, the White House press secretary said.
“Wednesday, it will be Liberation Day in America, as President Trump has so proudly dubbed it,” Karoline Leavitt said.
“The president will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. He’s doing this in the best interest of the American worker.”
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Trump’s tariffs: What can we expect?
Tariffs would cut UK economy by 1%
UK government forecaster the Office for Budget Responsibility (OBR) said a 20 percentage point increase in tariffs on UK goods and services would cut the size of the British economy by 1% and force tax rises this autumn.
Global markets remained flat or down on Monday in anticipation of the tariffs, with the FTSE 100 stock exchange trading about 1.3% lower on Monday, closing with a 0.9% loss.
On Wall Street, the S&P 500 rose 0.6% after a volatile day which saw it down as much as 1.7% in the morning.
However, the FTSE 100 is expected to open about 0.4% higher on Tuesday, while Asian markets also steadied, with Tokyo’s Nikkei 225 broadly unchanged after a 4% slump yesterday.
Australia’s financial intelligence agency has told inactive registered crypto exchanges to withdraw their registrations or risk having them canceled over fears that the dormant firms could be used for scams.
There are currently 427 crypto exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), but the agency said on April 29 that it suspects a significant number are inactive and possibly vulnerable to being bought and co-opted by criminals.
The agency is contacting any so-called digital currency exchanges (DCEs) that appear to no longer be trading, and AUSTRAC CEO Brendan Thomas said they’ll be told to “use it or lose it.”
“Businesses registered with AUSTRAC are required to keep their details up to date; this includes details about services that are no longer provided,” he added.
Businesses wanting to offer Australians conversions between cash and crypto, including crypto ATM providers, must first register with AUSTRAC, which monitors for crimes including money laundering, terror financing and tax evasion.
The agency can cancel a registration if it has reasonable grounds to believe the business is no longer active or offering crypto-related services.
Ten firms have had their AUSTRAC registration canceled since 2019, with the most recent being FTX Express in June 2024, the local subsidiary of the collapsed crypto exchange FTX.
AUSTRAC to launch public list of registered exchanges
Following its blitz on inactive crypto exchanges, AUSTRAC said it will publish a list of registered exchanges to help Australians verify legitimate providers.
Thomas said the goal is to make it harder for criminals to scam people and improve the integrity and accuracy of AUSTRAC’s register.
“If a DCE does intend to offer a service, they need to contact us otherwise we will cancel the registration and this information will be added to the register,” he said.
“Members of the public should feel confident that they can identify legitimate cryptocurrency providers that are registered and subject to regulatory oversight and that we are driving criminals out of this industry,” Thomas added.
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In February, the Anti-Money Laundering regulator took action against 13 remittance service providers and crypto exchanges, with over 50 others still being investigated regarding possible compliance issues.
Six providers were refused registration renewal on the grounds that key personnel were either convicted, prosecuted, or charged with a serious offense.
Australia has yet to pass crypto regulations. In August 2022, the ruling center-left Labor Party initiated a series of industry consultations to draft a crypto regulatory framework.
In March, the government proposed a new crypto framework regulating exchanges under existing financial services laws ahead of a federal election slated for May 3.
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The government wants councils to crush more vans used to fly-tip rubbish, as it announces a crackdown on the illegal dumping of waste.
No new funding is being given to local authorities for the initiatives, with ministers saying the seven percent raise announced in the budget can be used.
As part of the announcement, the government has also proposed that fly-tippers could face up to five years in prison, although this would require a change in the law.
Environment Secretary Steve Reed attacked the Conservatives’ record. Pic: PA
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Environment Secretary Steve Reed said: “Councils will get much more aggressive against fly-tippers and that includes using the latest technology, things like the new mobile CCTV cameras and drones to identify, track and then seize the vehicles that are being used for fly-tipping to a yard like this and crush them.
“That’s both as a punishment for those people who are dumping the rubbish but also as a deterrent for those who are thinking about doing it.”
He added: “We’re also looking to change the law so that those rogue operators who take rubbish from someone’s home and then dump it on a nearby road – they were getting away almost scot-free under the previous government – they will now be looking at potentially five-year prison sentences.”
The minister claimed the fly-tipping was “out of control” under the last government.
Data from the Department for Environment, Food and Rural Affairs (DEFRA) shows local authorities in England dealt with a record 1.15 million incidents last year – a 20% increase from 2018/19.
Environment Agency chief executive Philip Duffy said: “We’re determined to bring these criminals to justice through tough enforcement action and prosecutions.
“That’s why we support the government’s crackdown on waste criminals, which will ensure we have the right powers to shut rogue operators out of the waste industry.”
However, the Conservatives claimed that rubbish is “piling high” in areas like Birmingham as refuse workers strike against a pay and jobs offer from the Labour-run council.
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Shadow environment secretary Victoria Atkins said: “Wherever Labour is in charge, waste is piling high – like in Birmingham, where Labour’s inability to stand up to their union paymasters has left rat-infested rubbish littered across the street.
“And with statistics showing that of the 50 worst local areas for fly-tipping, 72% are Labour controlled, it is clear that voting Labour gets you rubbish and rats.
“So the British public deserve real action, not this series of reheated announcements and policies already introduced by previous governments that Labour is peddling.”
Liberal Democrat deputy leader Daisy Cooper said: “Under the Conservatives’ watch, local communities have been plagued by a fly-tipping epidemic.
“From overflowing bins to piles of hazardous waste, fly-tipping is blighting our landscapes, poisoning livestock on farming land and causing misery for residents.
“Enough is enough.
“The Liberal Democrats are calling for a fly-tipping fighting fund, to push for stronger local enforcement and tougher penalties for offenders.”
US Senate Majority Leader John Thune reportedly told Republican lawmakers that the chamber would address a bill on stablecoin regulation before the May 26 Memorial Day holiday.
According to an April 29 Politico report, Thune made the comments in a closed-door meeting with Republican senators, who hold a slim majority in the chamber. The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, was introduced by Senator Bill Hagerty in February and passed the Senate Banking Committee in March.
Thune did not mention any crypto or blockchain-related bills in his public comments on US President Donald Trump’s first 100 days in office. Since his Jan. 20 inauguration, Trump has signed several executive orders with the potential to affect US crypto policy, including one affecting stablecoins. Still, many of the actions do not carry the force of law without an act of Congress.
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The proposed GENIUS bill could essentially restrict any entity other than a “permitted payment stablecoin issuer” from issuing a payment stablecoin in the United States. The House of Representatives, also controlled by Republicans, has proposed a companion bill to the legislation: the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act.
Trump accused of conflicts of interest over stablecoins, crypto ventures
The president’s executive order, signed on Jan. 23, established a working group to study the potential creation and maintenance of a national crypto stockpile and a regulatory framework for stablecoins. Republican lawmakers followed by introducing the STABLE and GENIUS acts.
Trump also introduced the order before World Liberty Financial, a crypto firm backed by the president’s family, launched its US-dollar pegged USD1 stablecoin. Many Democratic lawmakers said that Trump’s ties to the firm, coupled with his political influence and position, could present an “extraordinary conflict of interest that could create unprecedented risks to our financial system” as Congress considers the two stablecoin bills.
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