PiCK

Bessent Says Trump Tariffs Could Return as Early as July

Source

Korea Economic Daily

Summary

Treasury Secretary Scott Bessent said the US could reimpose tariffs at previous levels as early as July under Section 301 of US trade law.
He said the Trump administration is currently imposing a 10%% global tariff worldwide under Section 122 of US trade law and has launched a Section 301 investigation to raise tariff rates further.
Bessent said the US economy remains resilient, that this year's growth could exceed 3%% to 3.5%%, and that the Fed has room to cut interest rates more aggressively.

Forecast Trend Report by Period

The Trump administration could restore its tariff policy by early July after a US Supreme Court ruling blocked it, Treasury Secretary Scott Bessent said on June 14.

Speaking at a Wall Street Journal event in Washington, Bessent said the US could reimpose tariffs at their previous levels as early as July under Section 301 of the Trade Act.

Trump had previously imposed broad reciprocal tariffs under the International Emergency Economic Powers Act, or IEEPA, but that effort was blocked after the Supreme Court found it unconstitutional.

The administration is currently imposing a 10% global tariff under Section 122 of US trade law. It has also launched a Section 301 investigation to raise tariff rates further. Section 301 allows the US to take measures including additional tariffs in response to unfair trade practices by other countries.

Bessent also struck an optimistic note on the US economy. He said the economy remains resilient, though it is unclear when the economic effects of the Iran war will be fully reflected. Growth this year could exceed 3% to 3.5%, he said.

He also maintained that the Federal Reserve should cut interest rates. Bessent said the Fed had been somewhat off in its assessment of inflation and argued that there was room for larger rate cuts as core prices excluding energy and food continue to ease.

Go Jeong-sam, Hankyung.com reporter jsk@hankyung.com