Jacob Rees-Mogg, As a trade war approaches, Britain will not slap ‘tit-for-tat’ tariffs on the EU.

As government ministers prepare to override portions of the Northern Ireland Protocol, the United Kingdom may face a trade war with the European Union.

Prices in Brexit Britain will not rise, according to Jacob Rees-Mogg, who told ITV’s Robert Peston that the government is “unlikely” to slap additional levies on EU imports.

The cost of living problem has taken over the United Kingdom. Inflation hit 7% in March, and when the price cap was lifted in April, energy prices went up by £693.

In May, the Bank of England raised interest rates to one percent in response to rising inflation.

The BoE also said that the UK economy would shrink by 0.25 percent in 2023. This was a change from its previous prediction of 1.25 percent growth.

Mr Rees-Mogg said: “It’s very unlikely to lead to higher prices for goods coming into the United Kingdom.”

Mr Peston then challenged the Cabinet Office Minister, implying that Brussels may impose additional limitations on British exports.

The North East Somerset MP, who supports Brexit, responded: “They’re not going to stop selling to us and we have decided actively not to put more controls on July 1 to keep prices down.”

Adding: “Tit-for-tat retaliation of that kind is the economics of the school ground and it would damage British consumers at a time of rising prices.”

Mr Rees-Mogg was even questioned by ITV’s political editor about whether the EU could do anything they wanted since the UK seemed hesitant to reply.

However, the former Speaker of the House of Commons responded: “What you’re saying is, does the European Union, in the midst of a global crisis in terms of inflation rising, wish to damage its own consumers.”

“If that’s what EU politicians want to do, then that is a matter for them, but there are processes within the TCA that allow for appeals to be made, for investigations to be made, there is a proper process to follow.”

He also said that suspending the TCA would need unanimous agreement from all 27 EU member states.

Mr Rees-Mogg’s remarks come only days after he announced a delay to Brexit border checks, admitting that they may cost £1 billion.

Mr Rees-Mogg responded to Mr Peston’s question on whether the government was to blame for Ulster’s “constitutional crisis,” saying: “Well, bear in mind the Brexit deal itself provides for the terms of the Northern Ireland Protocol to be updated.”

“So, that was in there when we signed it.”

“We signed up in good faith to this as something that was an immediate fix that would be further negotiated.”

“We have been further negotiating it in good faith and have not made satisfactory progress and that is the issue we face at the moment.”

“But that is completely in line with the commitments we’ve made, the expectations we’ve made, and the deal that we did, and the British Government has behaved in good faith the whole way through.”