US Trade Representative Greer Says New Tariffs Will Take Trade Deal Tariff Caps Into Account
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US Trade Representative Greer said on the 29th that when the Trump administration considers imposing new tariffs following its investigation into industrial overcapacity, it plans to take into account the tariff ceilings agreed in trade deals with various countries. Speaking to reporters ahead of a meeting of trade ministers from 20 countries and regions, he noted that an investigation under Section 301 of the Trade Act is ongoing, and that overcapacity in major trading partners such as China is expected to be a focus. Greer said he does not want to prejudge the investigation's findings, adding, "I don't want to get ahead of the report or the proposed response. But we value these agreements, and of course we will take them into account when considering our response to the report." He also said, "Many of these agreements, if implemented, would go a long way toward mitigating the impact of overcapacity that may exist in partner countries." European Commissioner Šefčovič, at a roundtable on the 29th between chief executives and trade ministers, welcomed the Trump administration's emphasis on addressing industrial overcapacity at the 20-country meeting, and said the EU is advancing reform on overcapacity at the World Trade Organization and elsewhere.