President Donald Trump’s tariffs may be restored by July to the levels in place before the Supreme Court struck down many of his levies, Treasury Secretary Scott Bessent said on Tuesday.
“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 beginning of July,” Bessent said at a Wall Street Journal event in Washington.
According to a Bloomberg report, the Treasury secretary said because the Section 301 tariff authority has already been tested in the courts, business leaders are able to start planning and making decisions around capital expenditures.
He added that it is a good sign that core inflation, which excludes volatile energy and food prices from the reading, 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.”
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