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<p>The Chancellor engages regularly with international counterparts on issues relating
to the global economy. The UK has consistently stressed the importance of de-escalating
trade tensions, which are in no one’s interest. We have been clear in our opposition
to escalating tariffs which could result in fundamental disruption to global trade
flows. This would clearly have a negative effect on the global economy. We will continue
to work with our partners to support the rules-based international trading system.</p><p>
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