U.S. Trade Representative, Jamison Greer, testified before the Senate Finance Committee today, marking the first official statement following President Donald Trump's recent global tax (tariff) announcement.
Greer confirmed that these taxes will take effect at midnight on Wednesday. However, he also mentioned that about 50 countries are interested in negotiating regarding these taxes, and the U.S. administration is negotiating with them. Some countries like Argentina, Vietnam, and Israel have proposed to lower their trade rates and barriers.
Meanwhile, discussions are also ongoing with Japan to secure additional market access for U.S. agricultural products, eliminate barriers in the industrial sector, achieve coordination on export controls, and for Japan to commit to purchasing energy resources like U.S. liquefied natural gas.
Members of both the Republican and Democratic parties have expressed concerns about the scope and duration of these taxes. Specifically, Republican members are worried that these measures could harm the U.S. stock market and global trade relations with allies.
Senator Ron Wyden, who is a senior member of the Senate Finance Committee for the Democrats, has announced a bipartisan resolution aimed at limiting the President's taxing powers. However, such efforts in the House of Representatives have faced difficulties in the past due to procedural rules.
President Trump hinted at possible negotiations with China, stating, "We are waiting for their call." He believes that these taxes are against unfair trade policies and will strengthen U.S. manufacturing.
