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In its news published early-Monday in Asia, The Telegraph quotes the UK’s Secretary of State for International Trade Liz Truss. The diplomat criticized the European Union (EU) while keeping the view to safeguard Scotch whisky from the US and also suggesting the in-principle trade agreement with Japan by the current month’s end.

Key quotes

Whisky is a ‘jewel in our national crown” and attacked “unacceptable and unfair’ tariffs imposed by Washington.

Aim to have trade agreement in principle by the end of august with Japan.

For the first time in almost 50 years, we’ll be able to strike our own trade deals, set our own tariff policy and export the best of Britain abroad in a way that we haven’t been able to as part of the EU.

While we do have some more powers now, from January 1 we’ll be an independent trading nation once again, with our own tariff regime, and will be able to take direct control of this.

The European Union had ‘failed to stand up for British interests – and Scottish interests in particular – and made little progress towards resolving an issue that should have been sorted years ago.’

Will keep working to lift the remaining tariffs on whisky and ‘consign these unfair tariffs to the bin of history’.

Market reaction

The news failed to offer any major reaction considering the absence of British traders from the floor. Even so, the update suggests further strengthening of the UK’s currency. That said, the GBP/USD is mostly bid near 1.3100 by the press time.