U.S. Trade Representative (USTR) Jamieson Greer [Photo courtesy of AP/Yonhap News. Redistribution and database usage prohibited]

(Washington=Yonhap News) Correspondent Kim Dong-hyun — Jamieson Greer, the U.S. Trade Representative (USTR) who oversees American trade policy, defined the Trump administration’s trade policy—centered on tariffs and the protection of domestic manufacturing—as a new order intended to replace the existing World Trade Organization (WTO) system on the 7th (local time).

In a contributed article for The New York Times (NYT) that day, Representative Greer stated that the Trump administration seeks to reform a global trade order that has functioned to the disadvantage of the United States—referencing the Bretton Woods system introduced during World War II and the subsequent Uruguay Round that led to the establishment of the WTO—and declared, "We are now witnessing the 'Trump Round.'"

By using the term "Round," a comparison to past multilateral trade negotiations, Greer was referring to the trade discussions the President has held with various nations since announcing reciprocal tariffs on April 2nd. He assessed that through this process, the U.S. has "laid the foundation for a new global trade order."

He specifically pointed to the trade agreement announced by President Trump with the European Union (EU) in Turnberry, Scotland, on the 27th of last month, describing it as a "historic agreement that is fair, balanced, and aligned with concrete national interests rather than the vague aspirations of multilateral institutions." He emphasized that "a new economic order was solidified in Turnberry, and this order is emerging in real-time."

He assessed that "with less than 130 days since the start of the Trump Round, the Turnberry system cannot be called complete, but its construction is well underway."

He explained that thanks to President Trump’s use of the "carrot" of being the world's most lucrative consumer market and the "stick" of tariffs, "in just a few short months, the U.S. has secured more access to foreign markets than it gained through years of futile WTO negotiations."

He noted that other nations are also recognizing the need to recalibrate their economic relationships with the U.S. to be more sustainable, citing trade agreements concluded not only with the EU but also with the UK, Cambodia, Indonesia, Japan, Malaysia, Pakistan, the Philippines, South Korea, Thailand, and Vietnam as evidence.

Regarding South Korea, he stated, "South Korea is accepting U.S. automotive standards alongside a 15% (reciprocal) tariff."

He also noted that South Korea has agreed to invest $350 billion in the U.S. manufacturing sector, stating, "South Korea will help revitalize the U.S. shipbuilding industry, which has declined in the face of non-market competition."

Furthermore, he warned that the U.S. will hold other countries accountable for their promises in trade negotiations. Rather than utilizing the time-consuming WTO dispute settlement process, he warned that the U.S. will "closely monitor the implementation of agreements and, if necessary, promptly reimpose higher tariff rates if they are not honored."

bluekey@yna.co.kr

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