Rachel Reeves to hold crisis talks with top City bosses amid fallout from Trump's tariff onslaught

Chancellor Rachel Reeves is scheduled to meet with leading City executives today, in the wake of President Donald Trump's tariff onslaught.

Top brass from Hargreaves Lansdown, Legal & General, Lloyds Banking Group and M&G are expected at the Chancellor's summit, Sky News reports, as reported by City AM.

The discussions will focus on the Treasury's financial services growth and competitiveness strategy, insiders told Sky. The repercussions from US tariffs are also anticipated to be a major point on the agenda.

A Treasury insider stated: "The Chancellor will use this meeting to show leadership, building on her statement to the House earlier today, and reiterating that the government will act decisively to take the right decisions in our national interest and protect working people."

In his latest move in the global trade war, Trump imposed a 104 per cent tariff on China.

Following her announcement to the House of Commons on Tuesday, Reeves said she would soon meet with US Treasury Secretary Scott Bessent as the government seeks to secure a trade deal.

The UK is bracing for a ten per cent levy, which Trump declared as the baseline figure in his 'Liberation Day' speech.

Reeves has also maintained that the government is striving to abolish the 25 per cent tariffs imposed on automotives.

"We are discussing a range of different areas. But the focus is on reducing tariff and non-tariff barriers to trade, with a particular focus on those sectors that are subject to the higher tariffs."

"Although the ten per cent tariffs are lower than many other countries around the world, and we welcome that, the additional tariffs on cars, on steel, and potentially on life sciences pose a real challenge to our country because those are some of our biggest export markets," Reeves communicated to the Commons.

Banking executives such as Lloyds' Charlie Nunn, Legal & Generals' Antonio Simoes, and Hargreaves Lansdown's Dan Olley are set to participate in discussions today.

Since January, the Chancellor has engaged in a series of meetings with leading figures in finance in an effort to stimulate growth across Britain.