In the wake of the Supreme Court ruling nullifying President Donald Trump‘s tariffs under the International Emergency Economic Powers Act (IEEPA), the European Commission has called on the U.S. to respect its trade agreements and provide “full clarity”.
EU-US Trade Deal Ratification To Be Paused
A statement issued by the European Commission on Sunday expressed concern that the current situation is not conducive to achieving “fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as outlined in the EU-US Joint Statement of August.
The Commission, which oversees trade policy for the European Union’s 27 member states, stressed that the bloc’s products should continue to receive the most competitive treatment, with no tariff increases beyond the agreed limit.
“A deal is a deal,” said the European Commission.
In August, U.S. and EU officials concluded a trade deal that set a 15% import tariff on roughly 70% of EU goods shipped to the United States. EU Trade Commissioner Maroš Šefčovič spoke with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick on Saturday.
Bernd Lange, chair of the European Parliament’s international trade committee, said he will urge the negotiating team to pause the ratification process of the trade deal, criticizing the U.S. tariff policy as “pure chaos.”
China, India Weigh Next Steps
Not just Europe, China’s Ministry of Commerce said on Monday that it is conducting a “comprehensive assessment” of the relevant content and impact of the U.S. tariff ruling. The nation urged the U.S. to remove unilateral tariffs on its trading partners, emphasizing that co-operation benefits both countries, while confrontation harms both, reported Xinhua News.
Meanwhile, a CNBC report on Sunday suggested that India has postponed a planned visit to Washington, D.C., where the delegation, led by India’s chief negotiator Darpan Jain, was set to hold three days of talks later this week to advance an interim trade deal with the U.S. The trip will now be rescheduled.
CBP Halts IEEPA Tariffs From Tuesday
The U.S. Customs and Border Protection will stop collecting IEEPA tariffs starting 12:01 a.m. EST Tuesday, following the Supreme Court’s ruling, and will disable related tariff codes tied to Trump’s orders. However, other Trump tariffs under Section 232 and Section 301 will remain in effect.
U.S. Trade Representative Jamieson Greer said the White House will honor existing trade agreements, noting they were finalized independently of the Court’s decision and not based on its outcome.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
Recent Comments