(CNN) โโ President Donald Trumpโs US Trade Representative Jamieson Greer on Tuesday defended the administrationโs expansive tariffs, saying that its concerns would not be resolved overnight, and in at least one case, the tariffs were about โrunning up the score.โ
Greerโs comments came during a routine hearing with the Senate Finance Committee, which happened in the wake of the stock marketโs mass selloff triggered by Trumpโs sweeping tariff plan. Starting Wednesday all countriesโ goods will be subject to a minimum 10% tariff, with rates much higher for 60 countries the administration deems the โworst offendersโ in terms of trade barriers.
Greer affirmed that those tariffs will go into effect on Wednesday and said that heโs not concerned with the stock marketโs turmoil, which has amounted to trillions of dollars in market value wiped out in just a few days.
โI know everyoneโs concerned about Wall Street. Iโm just concerned about Main Street,โ he said.
โOur large and persistent trade deficit has been over 30 years in the making, and it will not be resolved overnight,โ Greer told the Senate Finance Committee during a routine hearing. โBut all of this is in the right direction, particularly as we start to negotiate with these countries.โ
Greer said the presidentโs โstrategy is already bearing fruitโ and that nearly โ50 countries have approached me to discuss the Presidentโs new policy and explore how to achieve reciprocity.โ He added that โmanyโ of them have signaled that they donโt plan to retaliate against the United States.
During the hearing Sen. Ron Wyden of Oregon, the Democratic ranking member of the committee, decried Trumpโs sweeping tariffs and said he is introducing a new resolution โto end the latest crop of global tariffs that are clobbering American families and small businesses.โ
โThe Trump aimless, chaotic tariff spree has proven beyond a doubt that Congress has given far too much of our constitutional power on international trade over to the executive branch,โ Wyden said. โIt is time to take that power back.โ
Non-trade barriers take the spotlight
Throughout the hearing, Greer pointed to the prominent role that so-called non-trade barriers are playing in Trumpโs trade policy, one of them being foreign countriesโ regulations that he said are rooted in โfake science.โ
Greer told the committee that India has stringent restrictions around imports, which he claimed are based on โfake scienceโ and are being used โto block our imports.โ He also pointed to Australia having โbarriers to the export of beef from the United States.โ
American beef is not officially banned in Australia, but the Australian Bureau of Statistics says that none has been imported into the country since 2005.
โAnd itโs not just beef,โ Greer said. โAustralia also blocks onโฆ fake science grounds the export of fresh and frozen US pork, so itโs incredible that they do this. We have zero exports of the fresh and frozen US pork to Australia.โ
The US Department of Agriculture last year said that โthe US has reestablished itself as Australiaโs primary source of pork imports in the first half of 2024.โ
In a contentious exchange with Sen. Mark Warner of Virginia, Greer said that new tariffs on Australia are warranted despite the country having a $17.9 billion trade surplus with the US, as of 2024.
He said โthat tariffs on Australia are necessary because โweโre addressing the $1.2 trillion deficit, the largest in human history that President Biden left us with, we should be running up the score in Australia.โ
Australia and the US have a free trade agreement in place, but โdespite the agreement, they ban our beef, they ban our pork,โ Greer said.
Warner said that โthe lack of trust from friends and allies based upon this ridiculous policy that goes into full effect at midnight tonight is extraordinary.โ
Meanwhile, some Republicans, such as Sen. Marsha Blackburn of Tennessee, praised the administrationโs focus on addressing non-tariff barriers.
Several Democrats throughout the hearing mentioned the stock marketโs decline after Trump announced his tariffs last week. Greer said heโs not concerned about that.
Stocks regained some ground Tuesday morning, after they plummeted in the prior three trading sessions. Those declines wiped out trillions in just a few days.
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