00:00Across the globe, a scramble for clarification as the cornerstone of U.S. President Donald
00:05Trump's foreign policy crumbles.
00:08On Friday, the Supreme Court ruled that Trump's use of an obscure 1977 law to justify sweeping
00:13tariffs on nearly every U.S. trading partner was illegal.
00:17Those tariffs had been the stick to whip countries towards the carrot of new trade deals.
00:23On Sunday, U.S. Trade Representative Jameson Greer urged nations that signed such deals
00:28to stick to them.
00:29We want them to understand that these deals are going to be good deals.
00:33We expect to stand by them.
00:35We expect our partners to stand by them.
00:37And I haven't heard anyone yet come to me and say the deal's off.
00:40But the validity of those deals is now in question, after Trump pivoted over the weekend to temporary
00:46blanket tariffs of 15 percent worldwide.
00:49The EU's widely criticized trade deal struck with Washington last year set 15 percent U.S.
00:55tariffs on its goods, but with key exemptions, which could now be eliminated.
01:00Those blanket tariffs are also temporary, with no guarantee of congressional approval for
01:05a longer term.
01:06The European Parliament's Trade Committee is now set to pause the deal's ratification,
01:11as one EU lawmaker slammed pure tariff chaos from the U.S. administration.
01:16India, meanwhile, recently struck an interim deal to get U.S. tariffs on its goods down to
01:2118 percent.
01:23Indian trade officials are now postponing a trip to Washington to finalize that deal,
01:28as the new tariffs come in even lower.
01:31Vietnam's negotiated U.S. tariff rate stands at 20 percent, which now puts it at a competitive
01:36disadvantage with other Asian nations that had not yet struck trade deals.
01:41Indonesia and Malaysia have reached deals for 19 percent U.S. tariffs, those countries pointing
01:46out that they too have yet to ratify those accords.
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