Treasury Secretary Bessent Says "Trading Partners Want to Maintain Existing Trade Agreements with U.S."

"Section 122 of the Trade Act Is a Bridge"
"Tariff Levels Will Remain the Same After Five Months"

Yonhap News Agency

U.S. Treasury Secretary Scott Bessent said on the 22nd (local time) that he hopes trading partners will maintain the trade agreements (trade deals with the United States) they have already concluded, even after the U.S. Supreme Court ruling that reciprocal tariffs are illegal.

In an interview with U.S. broadcaster CNN that day, Secretary Bessent said, "We are continuing to engage with our foreign trading partners, and all of them want to maintain the trade agreements that have already been concluded."

He reiterated, "What the Supreme Court decided is that tariffs cannot be imposed based on the International Emergency Economic Powers Act (IEEPA)," adding, "The president has other authorities."

U.S. President Donald Trump, vowing to maintain his tariff policy by using alternative tools, signed a proclamation on the 20th imposing a "10% global tariff" on the entire world based on Section 122 of the Trade Act. He then announced on the 21st that he would raise the global tariff rate to 15%, and additional executive orders and other follow-up measures are expected to follow.

Section 122 of the Trade Act authorizes the president to impose tariffs of up to 15% for up to 150 days in response to balance-of-payments problems. To continue this measure beyond 150 days, Congress must approve an extension.

Secretary Bessent said, "Section 122 of the Trade Act is more of a bridge than a permanent measure," explaining, "During that period, tariff investigations under Section 232 of the Trade Expansion Act and Section 301 of the Trade Act can be completed, and after five months, Section 122 may no longer be necessary."

He said, "Tariffs imposed under Section 232 of the Trade Expansion Act and Section 301 of the Trade Act have withstood more than 4,000 lawsuits since Trump's first term," adding, "In the end, we will be able to maintain the same tariff levels as before."

Regarding the issue of tariff refunds, Secretary Bessent said, "The Supreme Court did not address the refund issue and left the decision to the lower courts," adding, "We will follow the court's decision (on refunds), but it could take several weeks or even months before a decision is reached."