US Trade Representative Jamieson Greer announced on Sunday that the White House expects to "stand by" its trade agreements despite a recent Supreme Court ruling that could impact President Trump's tariff policies.Greer made these remarks during an appearance on CBS's "Face the Nation" following the Court's decision, which declared that Trump did not possess the authority to impose unilateral tariffs on most trading partners under the International Emergency Economic Powers Act.
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cbsnews.comtheguardian.comGreer emphasized that the trade agreements signed with various countries, including the UK and EU, were not contingent upon the Supreme Court's ruling.He stated, "We want them to understand these deals are going to be good deals," and expressed confidence that partner nations would continue to uphold their commitments.
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theguardian.comThe Supreme Court's ruling has caused significant concern in international markets, particularly among US trading partners.The Court's decision has led to fears that the existing trade agreements could be jeopardized by new tariffs announced by Trump.
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theguardian.comIn response to the ruling, Trump declared a new global tariff rate of 15%, rising from the previously announced 10% rate, although this new tariff is subject to temporary limitations without Congressional approval.
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cbsnews.comtheglobeandmail.comGreer explained that while the Supreme Court's decision affects certain tariff authorities, tariffs imposed under other frameworks, such as Section 301 related to unfair trading practices, will remain in place.This means that the administration can still impose tariffs as needed, provided they follow the new legal guidelines established after the ruling.
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cbsnews.comDespite the administration's efforts to maintain continuity in its tariff program, Greer acknowledged that the new framework limits flexibility compared to previous authorities.He mentioned that the administration would conduct investigations to determine if further tariffs are warranted based on unfair trade practices.
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cbsnews.comThe reaction from European leaders has been one of caution and uncertainty.European Central Bank President Christine Lagarde remarked that the ruling "shakes the whole equilibrium" and could disrupt business operations across the Atlantic.She noted that consumers have not yet felt the full impact of tariff changes, as businesses have absorbed some costs, but this is not sustainable in the long term.
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cbsnews.comBusiness leaders in the UK also expressed concerns over the evolving situation.UK Education Secretary Bridget Phillipson mentioned that businesses face uncertainty but expect the preferential trade arrangements with the US to continue.
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theguardian.comThe EU has similarly reiterated its commitment to existing trade agreements, insisting that "a deal is a deal" and that the US should honor its commitments made during previous negotiations.
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theglobeandmail.comAs the US navigates this complex landscape, it remains to be seen how the implementation of new tariffs will affect ongoing trade relationships.The administration's approach could redefine US trade policy moving forward, especially as it contemplates the balance of power between the executive branch and Congress regarding tariff authority.
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theguardian.comtheglobeandmail.comIn conclusion, while the US Trade Representative assures partners of the administration's commitment to uphold trade deals, the implications of the Supreme Court ruling create a backdrop of uncertainty that could impact international trade dynamics in the months to come.
