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US Trade Representative Jamieson Greer testified before the Senate Finance Committee on Tuesday and defended the Trump administration's move of imposing tariffs on multiple countries while shrugging off concerns regarding the policy.
Senator Ron Wyden questioned Greer about the administration's trade and tariff agenda, prompting a detailed response. "And our economy in purgatory...Made in the US products, of course, US products, are slamming shut around the world... I'd like to focus on one central question: What is the plan?" Wyden asked. In response, Greer highlighted the US trade deficit, which has been a persistent issue, with the country losing 5 million manufacturing jobs and 90,000 factories since 1994. The trade deficit in goods reached a record USD 1.2 trillion in 2024. "Last Wednesday, President Trump declared a national emergency in response to the large and persistent trade deficit that has built up in recent years," Greer said in his remarks. "This deficit is driven in part by non-reciprocal tariffs, trading barriers, and other economic policies pursued by our foreign trading partners. President Trump imposed tariffs to address this emergency," he said. "The situation is urgent. President Trump imposed tariffs to address this emergency, and these measures are aimed squarely at achieving reciprocity and reducing our massive harm as trade deficit...," he added. Greer then said the President's "strategy is already bearing fruit" and that nearly "50 countries have approached me to discuss the President's new policy and explore how to achieve reciprocity." Higlighting the trade deficit, the US Trade Representative stated that the" European Union can sell us all the shellfish they want, but the EU bans shellfish from 48 states. The result is a trade deficit in shellfish. With the EU, we only charge a 2.5 per cent tariff on ethanol, but Brazil charges us an 18 per cent tariff." "The result is that we have a large trade deficit in ethanol. With Brazil, our average tariff on agricultural goods is 5 per cent, but India's average tariff is 39 per cent; you understand the trend here. Our trade deficit, driven by these non-reciprocal conditions, is a manifestation of the loss of the nation's ability to make, to grow, and to build, and the President recognizes the urgency of the moment," he added. Greer affirmed that Trump declared a national emergency on April 2 to "achieve reciprocity with other countries and to drive the dangerous deficit down." Noting the positive aspects, he stated that a planned layoff in Tennessee was suspended, and another automaker is hiring in Indiana. Companies have announced USD 4 trillion in new investments in the US. "Nearly 50 countries have approached me personally to discuss the President's new policy and explore how to achieve reciprocity. And they spoke with many members of the administration. Several of these countries, such as Argentina, Vietnam, India and Israel, have suggested that they will reduce their tariffs and non-tariff barriers in line with the President's policy," he said. Describing these actions as "welcome moves", the Trade Representative stated that "our large and persistent trade deficit has been over 30 years in the making, and it will not be resolved overnight. But all of this is in the right direction..." "We must move away from an economy based solely on government spending in the financial sector and become an economy based on producing real goods and services that provide jobs for working-class and middle-class Americans." He expressed confidence in the American people's ability to adapt to changes and rise to challenges. (ANI)
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