USTR Greer Touts Tariffs, Says Swiss Trade Talks Challenging

Trade Negotiations & Agreements - Deals with numerous countries are largely set, with paperwork to be finalized in the coming weeks or months [1][2] - Agreements are premised on countries opening their markets and fulfilling investment/purchase commitments [12] - The administration is focused on implementing reached deals and monitoring compliance, with potential tariff reinstatement for non-compliance [9][10][11][12] Trade Deficit & Tariffs - Tariff rates are largely determined by a country's trade deficit with the United States and their willingness to address it [3] - High tariffs are imposed on countries where a path forward on reducing the trade deficit and opening markets could not be fully resolved [5] - A 40% additional tariff will be imposed on sham transshipment, which has always been illegal [17] Country-Specific Trade Relations - The US has a nearly $40 billion trade deficit with Switzerland, and was unable to reach an agreement to reduce it [4] - Indonesia has made commitments on tariff levels and non-tariff barriers, including removing tariffs and addressing agricultural inspections and digital trade [10][11] Policy & Strategy - The administration is shifting from a 70-year policy based on purely efficiency to a new policy based on fair, balanced trade [19] - The president has the authority to regulate imports, and the administration is confident in its legal position regarding tariffs [25] - The administration is prepared to use whatever tools are necessary to rectify the trade deficit and change the global trading system [28]