LONDON

British Foreign Secretary David Lammy on Friday said he regretted President Donald Trump’s “return to protectionism,” warning that it sets economic policy back nearly a century.

Speaking at NATO headquarters in Brussels, where foreign ministers are currently meeting, Lammy voiced concern over the impact of such policies on global trade.

"We are a nation that believes in open trade," Lammy said, referencing both the UK and France as "great maritime nations" historically committed to international commerce.

As the UK navigates its economic future post-Brexit, Lammy confirmed that the British government is in discussions with the US to strike an economic agreement.

However, he said the government is actively consulting with business and industry to ensure any deal serves the national interest and protects the economic welfare of the British people.

"We have been absolutely clear that all options are on the table as we ensure the national interests of the British people, who will be very concerned at this time about how this affects the bottom line for them and their economic welfare," he said.

"We will put their national interest first, and it’s in their national interests to be negotiating with the United States an economic agreement at this time—but keeping all options on the table," he added.

Trump on Wednesday announced a minimum of 10% tariffs on imports from all countries, including the UK, due to take effect Saturday.

While the 10% tariffs on the UK will have an impact, importers of British goods were spared higher rates, such as the 20% levied on the EU, 54% on China, or 46% on Vietnam.