Key Takeaways
- U.S. Trade Representative Jamieson Greer confirmed a transition to new trade probes to ensure tariff continuity after the Supreme Court invalidated the use of the International Emergency Economic Powers Act (IEEPA) for imposing duties.
- The administration is pivoting to Section 122 and Section 301 authorities, with Greer emphasizing that the U.S. will use existing Congressional powers to maintain pressure on China and other trade partners.
- High-stakes nuclear talks with Iran are expected this Friday, provided Tehran submits a formal proposal regarding "token" uranium enrichment levels to the White House.
- Greer reported "active conversations" with the European Union, noting that despite "customs chaos" following recent legal rulings, no major trade partners have withdrawn from existing agreements.
- Aviation restrictions at four Moscow-area airports have been lifted, according to TASS, amid a volatile geopolitical backdrop and rumors of a potential reset in international flight paths.
U.S. Trade Representative Jamieson Greer signaled a strategic shift in the administration’s trade policy today, announcing that the government will conduct new investigations to justify the imposition of tariffs. This move follows a Supreme Court ruling that restricted the President's ability to use IEEPA for broad trade levies, forcing the USTR to rely on more traditional, albeit less flexible, statutory authorities. Greer noted that the administration is prepared to use Section 122 as a temporary bridge for a 10% to 15% baseline tariff while longer-term Section 301 probes are finalized.
The U.S. is currently managing several open investigations, including a high-profile probe into China (MCHI), which Greer stated would pick up immediately to ensure "continuity" as emergency measures expire. He also criticized foreign firms for engaging in what he termed a "PR campaign" against the U.S. tariff regime, suggesting that these efforts would not deter the administration’s rebalancing goals. Greer emphasized that trade deals are not premised on "emergency litigation" but on long-term structural adjustments to the global trade balance.
On the diplomatic front, Axios reports that U.S.-Iran talks are tentatively scheduled for Friday in Geneva. The meeting is contingent on Iran delivering a nuclear proposal that addresses the administration's demand for "zero enrichment," though officials have hinted that a "token" level of enrichment might be considered if strictly verified. This diplomatic opening comes as President Trump reviews a range of options, including potential military strikes, should negotiations fail to produce a "substantive" deal.
In Europe, Greer confirmed he spoke with his EU counterpart over the weekend to stabilize relations following the recent tariff volatility. While some EU officials have described the current situation as "pure chaos," Greer insisted that trade partners remain in "active conversation" and that the Turnberry Agreement remains a priority. The USTR expressed a willingness to work with Congress to formalize these trade programs and ensure they are grounded in legally tested authorities.
Finally, Russian state media TASS reported that flight restrictions at four major airports near Moscow, including Sheremetyevo, have been lifted. This development follows intense speculation that the U.S. may be considering a reopening of its airspace to Russian carriers like Aeroflot as part of a broader geopolitical negotiation. However, such a move remains highly controversial among EU allies who fear it could undermine the existing sanctions regime.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.