Trading Relations: USA, EU and China

Lord Hannan of Kingsclere Excerpts

Monday 7th November 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

I do not believe that we are doing that. On the noble Lord’s points, I say that our free trade agreement negotiations with the US—it is, as we know, a very important market—are paused at the moment for reasons he will know. On the EU, we know that progress is being made. Obviously, some extremely difficult and sensitive negotiations are ongoing, but we are firmly of the belief that we will be able to resolve these.

[Lord Hannan of Kingsclere (Con)]

My Lords, with all the talk about deficits and the mercantilist mood in the House, will my noble friend the Minister take this opportunity to remind the House that imports are a prize, not a concession, and bring prices down—especially for people on low incomes? As Adam Smith pointed out as long ago as 1776, there is no point in amassing great surpluses except in so far as they pay for imports. Would it not be a good thing if we cut some of our own tariffs unliterally to stimulate this process further and grow our economy?