US Treasury Secretary: Trading partners hope to keep existing trade deals in place

US Treasury Secretary Scott Bessent said on the 22nd (local time) that trading partners hope to keep existing trade agreements intact, in connection with the Supreme Court’s ruling that the reciprocal tariffs were unlawful.

According to CNN, Bessent said in an interview, “We remain in contact with foreign trading partners, and everyone wants to maintain the trade agreements that have already been concluded.”

He added, “What the Supreme Court decided is that tariffs cannot be imposed based on the International Emergency Economic Powers Act (IEEPA),” and repeatedly emphasized, “The president has other authorities.”

Previously, after the Supreme Court ruled the reciprocal tariffs unlawful, US President Donald Trump on the 20th signed a proclamation imposing a “10% global tariff” worldwide under Section 122 of the Trade Act, and the next day, the 21st, said he would raise the global tariff rate to 15%.

Under Section 122 of the Trade Act, the US president is granted authority to impose tariffs of up to 15% for up to 150 days to address balance-of-payments problems. To continue the measures beyond 150 days, an extension must be approved by Congress.

Bessent explained, “Section 122 of the Trade Act serves as a kind of bridge rather than a permanent measure,” adding, “During that period, the tariff investigations under Section 232 of the Trade Expansion Act and Section 301 of the Trade Act will be completed, and after five months, Section 122 may no longer be necessary.”

He continued, “Tariffs under Section 232 of the Trade Expansion Act and Section 301 of the Trade Act have withstood more than 4,000 lawsuits since the first Trump administration. In the end, we will be able to maintain the same tariff levels as before.”

Han Kyung-woo, Hankyung.com reporter case@hankyung.com