Key facts
- New tariffs imposed by President Donald Trump on 60 trading partners are unlikely to have a significant economic impact, according to USTR Jamieson Greer.
- Greer cited the tariff rates of 10% or 12.5% being similar to recent global actions as a reason for minimal economic effect.
- Despite covering a smaller group of countries than a previous temporary tariff, the new duties will still cover 99.4% of U.S. imports.
- The U.S. Trade Representative's office is investigating excess industrial capacity in 16 key trading partners, which could result in additional tariffs.
U.S. Trade Representative Jamieson Greer stated that President Donald Trump's recently announced tariffs on 60 trading partners, aimed at addressing alleged lax enforcement of forced labor bans, are unlikely to have a significant economic impact. Greer explained that the tariff rates, set at 10% or 12.5%, are comparable to recent global tariff actions and that the scope, while covering 99.4% of U.S. imports, is on a smaller group of countries than a previous universal tariff.
Speaking on Fox News Channel, Greer asserted that the tariffs would not influence the Federal Reserve's upcoming monetary policy decisions. He also confirmed that the U.S. Trade Representative's office is nearing the conclusion of a separate Section 301 investigation into excess industrial capacity in 16 key trading partners, including China, Vietnam, Mexico, and the European Union, which could lead to further tariffs.
Greer defended the use of Section 301, a statute concerning unfair trade practices, for broad tariff applications, referencing a U.S. Supreme Court decision that supported its use. He noted that Section 301 was previously invoked to impose duties on Chinese goods, many of which remain in place.