Bank of England Governor Andrew Bailey has advised Chancellor of the Exchequer Rachel Reeves against implementing tariffs in response to expected US-led protectionism.
Bailey expressed concerns about the possibility of a global trade war following the inauguration of President-elect Donald Trump.
Bailey, who supports free trade, stressed the importance of maintaining openness in the face of economic security threats. He also emphasized the need for collaboration and dialogue in navigating the complexities of international trade relations.