Story perspectives

U.S. Tariffs May Revert to Pre-Court Levels by July

4/15/2026

Summary

Bessent Signals Tariff Reinstatement

U.S. Treasury Secretary Scott Bessent said tariffs from the Trump administration could return to pre-Supreme Court levels by July.
Section 301 studies would facilitate reinstatement and support capital expenditures.
Following the Supreme Court ruling, a 10% import duty expires July 24.
Bessent remains optimistic U.S. growth will exceed 3% this year despite Iran-related uncertainty.
Bessent criticized the Federal Reserve's stance, noting core inflation fell while gas prices rose.

History

Historical Context

The Smoot-Hawley Tariff Act of 1930 raised tariffs on over 20,000 goods, increasing the average tariff from 40% to 47%. This protectionist measure aimed to shield U.S. industries during the Great Depression but led to a 60% decline in international trade and retaliatory tariffs from other nations, exacerbating the economic crisis and reshaping global trade relations.

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Bessent Signals Tariff Reinstatement

U.S. Treasury Secretary Scott Bessent said tariffs from the Trump administration could return to pre-Supreme Court levels by July.
Section 301 studies would facilitate reinstatement and support capital expenditures.
Following the Supreme Court ruling, a 10% import duty expires July 24.
Bessent remains optimistic U.S. growth will exceed 3% this year despite Iran-related uncertainty.
Bessent criticized the Federal Reserve's stance, noting core inflation fell while gas prices rose.

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