President Donald Trump’s sweeping on several US trading partners could be restored in July to levels that existed before most of them were struck down by the Supreme Court of the United States, Treasury Secretary was quoted as saying by Bloomberg News.
“We had a setback at the Supreme Court in terms of the tariff policy, but we will be implementing or conducting Section 301 studies, so the tariffs could be back in place at the previous level by the beginning of July,” Bessent said on Tuesday at a Wall Street Journal event in Washington.
The Treasury secretary said that since the Section 301 tariff authority has already been tested in courts, it provides greater clarity for businesses. As a result, he noted, corporate leaders can now begin planning and making more informed decisions regarding capital expenditures, the news agency reported.
How is Trump planning a comeback despite the SC ruling?
According to the report, President Trump is seeking to reinstate his tariff wall using different authorities after the high court ruled that his use of emergency powers to impose those earlier duties was unconstitutional.
Following a US Supreme Court ruling that struck down many of his global tariff measures, Trump moved to introduce a temporary 10% duty on a range of imports. That levy is set to expire on 24 July 2026.
The President also launched several Section 301 investigations, including into other countries’ industrial overcapacity and forced-labour practices. These factors could lead to duties in the coming months, the news report said.
Bessent on Iran war’s impact on the US economy
Treasury Secretary Bessent did not speak much about the specific impact of the Iran war on the US economy. However, he said that while it was hard to say when the consequences of the conflict would “catch up” with the country’s economy, it remains in strong shape for now.
“I do think that the growth could easily exceed three, three-and-a-half this year, still,” he was quoted as saying.
He added that it is a good sign that core inflation, which excludes volatile energy and food prices, continues to decline.
“I think the Fed has been wrong on inflation, and the core inflation is coming down,” said Bessent. “I understand if they want to wait till the data is clearer, but that will mean that interest rates should come down a lot more.”
Still, the March report, which showed an easing of core inflation, also posted a steep rise in the headline consumer price index, which included gas prices.
(With inputs from Bloomberg)
