USTR Affirms Ongoing Efforts on Trade Agreements Following Court Ruling

U.S. Tariff Situation

• Ongoing Negotiations: Despite a recent ruling by a U.S. appeals court declaring most of President Trump's tariffs illegal, U.S. Trade Representative Jamieson Greer confirmed that negotiations with trading partners are still active. He emphasized that countries are continuing to move forward with their trade deals regardless of the court's decision.

• Court Ruling Details: The U.S. Court of Appeals for the Federal Circuit ruled 7-4 on Friday regarding Trump's reciprocal tariffs, which were implemented in April, as well as tariffs against China, Canada, and Mexico from February. However, the ruling does not affect tariffs imposed under different legal authorities.

• Trump's Response: President Trump criticized the court's decision and announced plans to appeal to the U.S. Supreme Court. The appeals court has allowed the tariffs to remain in effect until October 14 to facilitate the appeals process.

Impact of Tariffs

• Tariffs as Policy Tool: Since taking office in January, Trump has made tariffs a central element of U.S. foreign policy, using them to apply political pressure and renegotiate trade agreements. This strategy has contributed to increased volatility in financial markets.