US trade negotiator Jamieson Greer stated on Sunday that the Trump administration's tariff policy will persist, despite the Supreme Court's recent ruling that deemed many of these tariffs illegal.
Source:
theguardian.comThe court's decision, issued two days prior, was a significant setback for Trump's economic agenda, prompting him to announce a new global tariff under different statutes.
Sources:
theguardian.comaol.comGreer emphasized the importance of maintaining consistency in trade policy, asserting, "The reality is, we want to maintain the policy we have, have as much continuity as possible, make sure that business understands this is the direction we've been going." He indicated that while the legal mechanisms to implement tariffs might change, the fundamental policy remains unchanged.
Source:
theguardian.comThis declaration comes amidst growing public disapproval of the tariff strategy.An ABC/Washington Post/Ipsos poll indicated that 64% of Americans disapprove of tariffs as an economic strategy.
Source:
theguardian.comDespite this, Greer maintained that tariffs provide the US with significant leverage in global trade.In a separate interview, Greer noted that the US would not withdraw from existing tariff agreements with various countries, including the UK, the EU, and Japan.He clarified that the newly announced 15% global tariff, which increased from 10% following the Supreme Court ruling, is distinct from prior bilateral agreements made in the past nine months.
Source:
theguardian.comSenate minority leader Chuck Schumer responded to the court's ruling by labeling it a victory for American consumers, arguing that Trump's unilateral tariff imposition violated congressional authority.
Source:
theguardian.comSchumer called for an end to what he described as a reckless trade war, emphasizing the need for relief for families and small businesses affected by tariffs.
Source:
theguardian.comThe Supreme Court's ruling stated that the authority to enact tariffs lies with Congress under the Constitution, and not with the president during peacetime.
Sources:
theguardian.comscotusblog.comGreer acknowledged that the administration might have reduced flexibility regarding emergency tariffs, which the court deemed an inappropriate application of a 1977 emergency powers law.
Source:
theguardian.comCalifornia Governor Gavin Newsom criticized Trump's tariff policy, describing it as chaotic and detrimental to the economy, citing stagnant GDP growth and rising inflation.
Source:
theguardian.comHe expressed concerns that the administration's approach could lead to further economic instability.As the administration navigates the implications of the Supreme Court's ruling, it remains committed to its tariff policies, anticipating that the legal landscape surrounding these measures may evolve further.However, Greer indicated that the administration would defer the issue of refunds on previously imposed tariffs to the court of international trade, stating that the Supreme Court's decision offered "zero guidance" on this matter.
Source:
theguardian.comIn the wake of the ruling, some business leaders expressed relief, claiming it validated their concerns about the tariffs' impact on their operations.Victor Schwartz, a US wine importer involved in one of the legal challenges, expressed his excitement over the court's decision, stating it affirmed their position against the "unprecedented tariffs" that threatened many small businesses.
Source:
theguardian.comAs the administration proceeds with its tariff strategy, the ongoing debate surrounding the legal authority and economic implications of such measures continues to unfold, with significant ramifications for US trade relations and the broader economy.
Sources:
theguardian.comaol.comThe Trump administration's commitment to its tariff policies, even in the face of legal challenges, underscores the administration's broader strategy to encourage domestic production and reduce trade imbalances.However, the effectiveness and sustainability of this approach remain under scrutiny as both domestic and international stakeholders await further developments.
