The Trump administration is floating tariffs of up to 12.5% on some 60 countries and the European Union, which officials say have failed to enforce bans on forced labor.

US Trade Representative Jamieson Greer told France 24 today that “both sides are committed” nonetheless to honoring the US’ trade deal with the EU: “A deal’s a deal … while also trying to get at all of these trade practices,” he said.

On Capitol Hill, Treasury Secretary Scott Bessent promised senators that the recent surge in inflation would be a “short-term blip” that ends after the Iran war.

He also dodged questions on the administration’s now-defunct $1.8 billion fund, citing “ongoing litigation,” and said Treasury would begin production on a $250 bill with Donald Trump’s face on it only once Congress passes legislation allowing it.