This week is likely to be defined by the news emerging of a ‘reset’ in UK-EU relations – potentially a sea change for both fisheries and food.
Elsewhere, there is a meeting of G7 finance ministers at a delicate moment in the ongoing dance of tariff talks between the US and most of the world, as well as a major report on the movement of rare earths and other critical minerals.
UK-EU reset
Today (19 May) is a major day for the UK-EU relationship, with news already trickling out on a new agreement regarding EU access to UK waters for fishing.
The BBC has reported today that the UK could be in line for an improved agreement on sanitary and phytosanitary (SPS) goods movements between the country and the bloc, with one anonymous official claiming “SPS is [a] key part of the package” ahead of an announcement of the agreement later today.
Tomorrow, we’ll have full coverage of what the deal could mean for UK-EU trade, as well as reaction on how it could affect UK exporters and importers.
Chartered Institute members can also listen in to a webinar tomorrow, where Caroline Read, deputy ambassador at the UK mission to the EU, and Fergus McReynolds, EU & International director at the Chartered Institute, will be breaking down what happened at the summit and what it means for business and trade.
Jonathan Reynolds, the business and trade secretary, has said that “where we can work with our partners, where we can remove costs, where we can remove friction”, the government will endeavour to do so. Exactly how much of that they’ve achieved over the weekend we’ll find out as this week unfolds.
G7 meeting
The finance ministers of the G7 nations will be meeting tomorrow (20 May) in the Canadian city of Alberta to discuss a range of issues – not least among them the US’ tariff programme, where a deadline for the pause on the highest rate of ‘Liberation Day’ tariffs is rapidly approaching.
US president Donald Trump has said that it is unlikely that the US will be able to meet and agree deals with the full list of countries who wish to do so, saying “it’s not possible to meet the number of people that want to see us”.
He has also said that some countries could face higher tariffs than the current 10% basic rate before the end of the pause even arrives.
Scott Bessent, the US treasury secretary, will be attending the meetings. According to Reuters, he aims to discuss the need to “re-privatise” the US and other economies, which he argues are too reliant on public spending.
Bessent said at a meeting earlier this year that he wanted the G7 to renew its focus on “imbalances and non-market practices in both G7 and non-G7 countries”, rather than broader issues.
Critical minerals outlook
The International Energy Agency’s (IEA) Global Minerals Outlook report for 2025 is due to be published on Wednesday, and it comes at an important time.
Yesterday, the FT reported that a change to the export control regime for rare earth minerals in China threatens major disruption to global supply chains. A new set of restrictions on the export of seven rare earths and permanent magnets, introduced last month, has combined with long delays of approvals for export to Europe to cause a squeeze on supply.
Wolfgang Niedermark, an executive board member of the Federation of German Industries, told the FT that “the window to avoid significant damage to production in Europe is rapidly closing”, while an anonymous European industry figure in China said the current delays on approvals were “untenable”.
The report will examine the rates of likely demand and supply of rare earths and other minerals over the year to come, and will give some hint at how the flow of these industrially vital materials will change in a year likely to remain defined by US tariffs and Chinese retaliation.
Other dates for the diary
- Monday: European Commission spring economic forecast
- Tuesday: UK Treasury Committee interviews bank CEOs
- Wednesday: UK inflation rate data
- Thursday: Manufacturing PMIs published for UK, US and EU
- Friday: UK consumer confidence survey results published
- Saturday: Conclusion of this year’s Cannes Film Festival
- Sunday: Parliamentary and regional elections in Venezuela
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