British Chancellor of the Exchequer Rachel Reeves told CNBC on Wednesday on the sidelines of the World Economic Forum in Davos that the United Kingdom is "not a part of the problem" when it comes to the United States trade deficit US President Donald Trump has been citing in his recent remarks.

"I do understand that President Trump is concerned about countries that are running large and persistent surpluses on the trade balance with the US. That's not the case for the UK. We are not part of the problem here. So we, the UK, increased trade with President Trump last time he was in office," she insisted.