economy
US will not back out of its tariff deals with UK and others, says Trump trade representative
Promise comes as minister admits to ‘uncertainty’ about new 15% levy on imports from around the world
TL;DR
- US trade representative Jamieson Greer stated that the US will not back out of existing tariff deals with countries like the UK, EU, and Japan.
- This assurance comes after the US Supreme Court ruled many of President Trump's tariffs illegal and Trump announced a new 15% global tariff.
- Greer clarified that the new tariff is separate from agreements made in the last nine months.
- UK and EU officials expressed uncertainty but expected their preferential trade arrangements with the US to continue.
- The EU called on the US to honor its commitments, stating that a deal is a deal.
- Concerns exist that Trump's latest 15% levy could be imposed on top of existing tariffs, leading to higher rates on goods like wine and spirits.
- The new 15% tariff, enacted under the 1974 Trade Act, can be applied for only 150 days without congressional approval.