Bloomberg Talks USTR Jamieson Greer Talks Tariffs, Says Swiss Talks Challenging
Aug 1, 2025
Jamieson Greer, the U.S. Trade Representative, dives into the complexities of trade negotiations as the August deadline approaches. He reveals that talks with Switzerland stumbled, particularly over pharmaceutical agreements. Greer emphasizes the rising tariff rates and the pressing need to address the growing trade deficit. He also discusses the broader implications for U.S. manufacturers, highlighting the challenges posed by tariffs in the auto industry and advocating for a trade policy that balances efficiency and fairness.
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US Resets Global Trade System
- The US has negotiated with dozens of countries to reset the global trading system.
- Deals reached are being finalized and will be monitored for compliance moving forward.
Tariffs Linked to Trade Deficits
- Tariff rates depend on a country's trade deficit with the US and willingness to address it.
- Switzerland faces high tariffs due to a $40 billion trade deficit and unresolved pharmaceutical issues.
Trade Compliance Enforcement
- The US monitors if partner countries honor their commitments like tariff removals and market openings.
- If obligations are unmet, tariffs can be reinstated as basic trade enforcement.