Trump Administration Plans to Restore Tariffs by Early July

Treasury Secretary Scott Bessent announced that the Trump administration intends to restore international tariffs to previous levels by early July. This strategy follows a February ruling by the Supreme Court of the United States, which deemed the administration's use of the International Emergency Economic Powers Act to impose duties unconstitutional. Those emergency tariffs had collected approximately $166 billion by March 2026.

To bypass this legal setback, the administration is initiating over 75 investigations under Section 301 of the Trade Act of 1974 to implement retaliatory import restrictions. Bessent stated that Section 301 provides greater legal clarity for businesses regarding investments. Simultaneously, President Donald Trump implemented temporary 10% global tariffs under Section 122 of the same act to address balance of payments deficits, a move set to expire on July 24, 2026.

This Section 122 action faced a legal challenge from 24 attorneys general. However, the U.S. Court of International Trade sided with the administration, accepting the Justice Department's argument that presidents possess broad discretion to assess economic conditions. Despite these legal battles, Bessent maintained that the U.S. economy remains robust, with potential growth exceeding 3% to 3.5% this year, and argued that the Federal Reserve should further reduce interest rates as core inflation declines.