The U.S. Supreme Court has declared certain tariffs illegal, prompting an immediate cessation of their collection, which is affecting negotiations on trade agreements with the EU.
The United States Supreme Court has ruled that certain tariffs imposed by former President Trump are unlawful, leading U.S. Customs and Border Protection to announce that the collection of these tariffs will cease starting tomorrow. This decision specifically pertains to tariffs categorized under the International Emergency Economic Powers Act (IEEPA) and does not extend to other tariffs that might still be in effect.
In response to this development, the European Union has decided to halt negotiations on tariff agreements, as stated by Bernd Lange, the president of the International Trade Committee of the European Parliament. The European Commission is reevaluating its trade strategy in light of the U.S. ruling, which could have significant implications on transatlantic trade relations and the ongoing economic discussions between the two entities.
Furthermore, Italian Foreign Minister Antonio Tajani emphasized the importance of unity within the EU regarding tariffs, asserting that it is vital for the Union to be unified in its approach to this issue. He mentioned that they seek certainty and stability in trade agreements and is concerned about the prospect of a trade war that could arise from these changes. Tajani plans to participate in the upcoming Council of Foreign Ministers to discuss these matters further.
