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U.S. Trade Representative Jamieson Greer moved to stabilise international markets on Sunday, asserting that trade agreements with the European Union, China, and other global partners remain in force.
Despite a landmark Supreme Court ruling that struck down many of President Donald Trump’s previous tariffs, Greer emphasised that the administration expects all parties to uphold their ends of existing deals.
He noted that “active conversations” are ongoing to reassure partners that these agreements remain beneficial for all involved.
The reassurance comes at a time of significant legal and economic friction following a 6-3 Supreme Court decision on Friday.
The court ruled that the president exceeded his authority by using a 1977 emergency powers act to bypass Congress.
President Trump reacted to the ruling by swiftly announcing a new global duty on imports, which he increased to 15 per cent on Saturday—the legal maximum allowed under alternative authorities. These new tariffs are scheduled to take effect this Tuesday for a duration of 150 days.
Despite Greer’s confidence, European officials remain wary.
European Central Bank President Christine Lagarde expressed uncertainty regarding the consequences of the court’s decision, calling for the U.S. to provide much-needed clarity.
She stressed the importance of ensuring that any new trade proposals are in strict compliance with the constitution and international law to avoid further global challenges and market volatility.
In addition to European concerns, Greer addressed the upcoming April summit between President Trump and Chinese President Xi Jinping.
He clarified that the meeting is intended to maintain stability rather than escalate trade hostilities.
The focus will remain on ensuring China continues to purchase American agricultural products and Boeing aircraft while securing the supply of rare earth minerals essential to U.S. industry.
