US: Greer Says USTR Will Be Prepared To Enforce 'Phase 1' Trade Deal With China

Feb-06 17:07

US President Donald Trump’s nominee to serve as United States Trade Representative, Jamieson Greer, is delivering testimony at his first nomination hearing before the Senate Financial Services Committee. LIVESTREAM

  • Asked about recent reports suggesting Trump may reduce the influence of the USTR, Greer says he will be involved in negotiating trade deals and enforcing Section 301 tariffs, noting that Trump expects all his Cabinet officials to work together on trade policy.
  • Greer echoed recent comments from Trump’s trade strategist, Peter Navarro, saying that tariff threats levied against Mexico and Canada are aimed at reducing illicit flows of Fentanyl rather than a trade war.
  • Greer, who was instrumental in negotiating the defunct Phase 1’ trade deal with China during the first Trump administration, said his office will “quickly review China’s compliance with 'Phase 1' and be prepared to enforce it”.
  • Greer added, “China’s subsidies make it very difficult for others to compete, result in excess industrial capacity… trade reciprocity with China requires both tariffs and non-tariff barriers”.
  • Greer said that the USMCA trade deal "needs to be reviewed" to make sure that foreign countries of concern are not free-riding on access to the US market. The USMCA is scheduled for a 2026 joint review, which may explain some of Trump's hardline rhetoric.
  • Asked about his preferred approach to tariffs, Greer said, “universal tariff should be studied and considered to see if it can reduce US trade deficit,” adding that “tariffs can be a tool for market access and for revenue”

Historical bullets

US: Trump Says He Is Very Serious About Mexico/Canada Tariffs

Jan-07 17:05

US President-elect Donald Trump, speaking at his Mar-a-Lago presser, has stated he is "very serious" about imposing "substantial" tariffs on Canada and Mexico, noting that his incoming administration "wants to get along with everyone" but it "takes two to tango".

  • Trump said: "We'll impose new tariffs so that the products on our stores will once again be stamped with those beautiful words: Made in the USA, and we are not treated well, as you know, by Canada. Canada is subsidized to the tune of about $200 billion a year, plus other things...something's going to have to be done. Same thing with Mexico. We have a massive deficit with Mexico, and we help Mexico a lot."
  • Trump added: "... Mexico has to stop allowing millions of people to pour into our country. They can stop them. And we're going to put very serious tariffs on Mexico and Canada, because Canada, they come through Canada too, and the drugs that are coming through are at record numbers, record numbers. So we're going to make up for that by putting tariffs on Mexico and Canada, substantial tariffs."

FED: US TSY TO SELL $90.000 BLN 8W BILL JAN 09, SETTLE JAN 14

Jan-07 17:05
  • US TSY TO SELL $90.000 BLN 8W BILL JAN 09, SETTLE JAN 14

FED: US TSY TO SELL $95.000 BLN 4W BILL JAN 09, SETTLE JAN 14

Jan-07 17:05
  • US TSY TO SELL $95.000 BLN 4W BILL JAN 09, SETTLE JAN 14