Bloomberg Talks: U.S. Trade Rep. Greer Talks 15% Tariff, USMCA, EU Trade Deal
Date: February 25, 2026
Host: Bloomberg News
Guest: Jamison Greer, U.S. Trade Representative
Episode Overview
This episode features an in-depth interview with U.S. Trade Representative Jamison Greer, who elaborates on the Biden administration’s recently announced baseline 10% tariff, the path toward a 15% worldwide tariff, ongoing Section 301 investigations, USMCA negotiations, and strategies for dealing with the EU and UK post-Supreme Court ruling. Greer clarifies the administration’s evolving legal authority, the rationale behind recent policy moves, and the administration's yardsticks for measuring trade success.
Key Discussion Points & Insights
The New Baseline Tariff and the Path to 15%
- Background: The administration recently imposed a 10% baseline tariff after a Supreme Court ruling constrained the previous tariff regime (01:12).
- Legal Authority: Greer explains the use of a “temporary 150 day authority” for continuity, pending a move to 15% tariffs as directed by the President (02:00).
- Policy Continuity: The aim is to send a clear signal of unbroken trade policy while alternative, legally defensible instruments are readied (02:00).
- Nuanced Implementation: Although the President publicly called for an immediate 15% increase, Greer clarifies that a supplemental proclamation to set the 15% rate will be signed “in coming days” (04:00).
Notable Quote
“The goal with all of this is to have continuity. So we want to have the 10% and... we're looking about how to implement the 15%... because we want to keep going, maintain the policy, we'll just have a change in the legal implementing authority.”
— Jamison Greer (02:00)
Engaging with the EU and UK on Tariff Changes
- Current Status: Existing agreements with the EU and UK (e.g., on auto and beef quotas) remain intact during the transition (04:47).
- Implementation Delays: Greer highlights the need for “a couple months now to have some domestic procedures” post–Supreme Court, emphasizing this is common in trade deal execution (04:47).
- Future Steps: The U.S. expects Europe and the UK to reciprocate and fulfill their side of trade agreements during this period.
Notable Quote
“It's pretty normal when you have a trade deal to implement over time. Most trade deals take years to implement. We're on the fast track...”
— Jamison Greer (04:47)
Could Tariffs Go Higher Than 15%? (Section 301)
- Flexible Tools: Greer confirms that Section 301 remains available to address unfair trading practices on a country-specific basis, with China and others in focus (06:52).
- Ongoing Investigations: Section 301 investigations on Brazil and China are underway, with more in the pipeline targeting forced labor, industrial overcapacity, and product-specific subsidies (08:02).
Notable Quote
“Section 301 is a country specific tool... and negotiate with those countries but also impose a tariff as enforcement...”
— Jamison Greer (06:52)
Rationale for Legal Strategy and Emergency Powers
- Why Not Use 301 Sooner? Greer explains the urgency after witnessing a 40% surge in the U.S. trade deficit—deemed the “largest trade deficit in human history”—which triggered the use of emergency powers for faster action (08:46).
- Recent Legal Challenges: The President is shifting legal mechanisms after the Supreme Court struck down the initial tariff authority but points to lower courts affirming the President’s power under Section 122 (12:02).
USMCA (United States–Mexico–Canada Agreement): Constraints and Reforms
- Review in Progress: The U.S. is conducting an internal review, seeking to address market access gaps and trade circumvention through transshipment (09:47).
- Presidential Posture: Greer indicates President Biden has not kept exit from USMCA secret and is willing to “review and improve,” with options for protocols or amendments for Canada and Mexico (10:56).
- Current Measures: Immediate action on auto imports has already fueled new U.S. production commitments (10:56).
Notable Quote
“It's not just privately. He talks about it publicly too... I don't think that's super newsy, to be honest. The President has been really clear this year that he's concerned with the performance of USMCA...”
— Jamison Greer (10:56)
Legal Defense for Tariffs under Section 122
- Anticipated Lawsuits: Greer expects legal challenges from foreign interests but states the administration is confident in its justification and supporting declarations (12:02).
- Clarifying Balance of Payments vs Trade Deficit: Greer rebuts critics who conflate the trade deficit with balance of payments, emphasizing the current account includes both, aligning with the recent proclamations (13:02).
Notable Quote
“If people go back and actually read the proclamation that went out, it talks about the actual balance of payments deficit. It refers to the current account... so folks... with this kind of oversimple straw man argument... they're just wrong.”
— Jamison Greer (13:02)
Metrics for Trade Policy Success
- Defining Success: The administration is using the direction of the trade deficit, wage growth, and manufacturing investment/expansion as key metrics (14:03).
- U.S. goods trade deficit fell 17% (April–December 2025).
- Real wages up 4.4% year-over-year.
- Rise in new manufacturing investments, including a $3B investment by GE.
- Economic Impact: The policies are credited with boosting domestic manufacturing and jobs.
Notable Quote
“When we look at, you know, is the trade policy working? We're looking at the direction, the trend in the trade deficit... looking at real wages... and we're seeing a lot more purchases of capital goods... that's going the right direction.”
— Jamison Greer (14:03)
Timeline of Important Segments
- [02:00] Explanation of temporary 10% tariff & rationale for upcoming 15% level.
- [04:00] Steps and timing for raising tariffs to 15% and interactions with EU/UK.
- [06:52] Discussion of Section 301 and potential for tariffs above 15%.
- [08:02] Specifics on ongoing and future Section 301 investigations.
- [09:47] Constraints and negotiations under USMCA; concerns with Canada/Mexico.
- [10:56] President's openness to revisiting or exiting USMCA and current auto measures.
- [12:02] Legal defense and anticipated lawsuits related to Section 122.
- [13:02] Defense of policy framing around trade deficits and balance of payments.
- [14:03] Metrics for measuring policy success: trade deficit, wages, manufacturing.
Memorable Moments & Tone
- Greer’s persistent emphasis on “continuity” and “policy enforcement” set a firm, technocratic tone.
- He repeatedly rebuts critics with detailed legal and economic explanations, signaling confidence and thorough preparation.
- The interview avoids headlines for sensationalism, instead drilling into the administrative rationale and logistical timeline for U.S. trade policy decisions.
Summary prepared for listeners seeking a full, nuanced understanding of current U.S. trade policy and its immediate trajectory.