Treasury Secretary Scott Bessent moved swiftly to contain the fallout from Friday's Supreme Court ruling that struck down key pillars of President Donald Trump's sweeping tariff regime, rebuking gloating Democrats and the ill-informed media as he vowed to press ahead using alternative powers. Speaking at the Economic Club of Dallas, Bessent sought to reframe the 6-3 decision, which found that the 1977 International Emergency Economic Powers Act (IEEPA) did not authorise the president to impose the tariffs.
Under the new agreement tariffs on most EU imports to the United States were reduced to 15 percent and Brussels pledged to purchase $750-billion-worth of U.S. energy products, including oil, gas, nuclear fuel and semiconductors, through to 2028. If Trump goes ahead with Section 301 proceedings it could renew tensions between the U.S. and EU, while continuing an ongoing battle over what influence European regulators should have over American tech companies.
President Donald Trump on Friday threatened to launch a new trade investigation aimed at the European Union, following a series of multi-billion-dollar fines levied against U.S. tech firms, including a recent nearly $3.5 billion penalty against Google. In a post on Truth Social, the president claimed that the European fines are "discriminatory" and "effectively taking money that would otherwise go to American Investments and Jobs." He singled out the EU's latest antitrust ruling against Google over its advertising technology business, as well as past penalties against Apple.
