The government will stand with families and businesses during the worrying economic period ahead, following Trump's tariffs, according to Rachel Reeves. The chancellor said "we've got your backs" during a statement to MPs in the Commons, during which she noted that tariffs "have and will continue to have huge implications for the world economy". Report by Faragt. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00The United States' decision to impose tariffs has had, and will continue to have, huge implications for the world economy.
00:09These implications have been reflected in the reaction that we have seen in global markets in recent days,
00:15which the financial authorities have, of course, been monitoring closely.
00:20This morning I spoke to the Governor of the Bank of England, who has confirmed that markets are functioning effectively
00:26and that our banking system is resilient.
00:29I know, too, that this is an anxious time for families who are worried about the cost of living.
00:36We have your backs.
00:38And British businesses who are worried about what a changing world will mean for them.
00:43We have your backs, too.
00:45This Government is clear-eyed that our response to global change cannot be to watch and wait,
00:52but instead to act decisively, to take the right decisions that are in our national interest, protecting working people.
01:01All of the decisions that we make as a Government will be underpinned by the stability of our non-negotiable fiscal rules.
01:12Mr Speaker, a trade war is in nobody's interest.
01:15It is why we must remain pragmatic, cool-headed and pursue the best deal with the United States that is in our national interest.
01:24This remains our priority.
01:26And that was part of the discussion that I had with US Treasury Secretary Scott Besant last week.
01:31But we have been clear, nothing is off the table.
01:35It is why we will continue to back British businesses during these uncertain times,
01:40particularly those industries that are most affected,
01:43as we rebuild our industrial base here in Britain.
01:45Thank you very much.