US-EU tariff deals remain in place, Washington says
(VOVWORLD) - European Trade Commissioner Maros Sefcovic on Tuesday said that he had received assurances from officials in Washington that the EU-US agreement brokered last summer remained in place, following an unfavorable ruling by the US Supreme Court on President Donald Trump's tariffs.
The Court ruled that President Trump lacked statutory authority under the International Emergency Economic Powers Act (IEEPA) of 1977 to impose broad reciprocal tariffs. Shortly after the court's decision, President Trump invoked his authority under section 122 of the Trade Act of 1974 and signed an executive order imposing a new 10% global tariff, with plans to make it 15%.
These developments raised uncertainties on an agreement struck last year between the EU and the US, which sets US tariffs at a maximum 15% on most European goods.
EU trade chief Sefcovic said he maintains contacts with US officials and has been assured that the deal is still in place. They also acknowledged that Washington is in a "transitional period" to address the ruling's implications.
The European Parliament has frozen ratification of the EU’s trade deal with the US pending further clarity on the consequences of the ruling.