Source: Fox News
Summary
Treasury Secretary Scott Bessent suggested that President Donald Trump’s tariffs could be restored as early as July, after the Supreme Court struck down Trump’s IEEPA-based tariffs. Bessent said the administration will conduct Section 301 studies, which could lead to the tariffs being reinstated at their previous level. The Trump administration has been working to preserve tariffs after the Supreme Court’s ruling, invoking provisions of the U.S. Trade Act of 1974. The administration has initiated over 75 investigations under Section 301, far exceeding the average annual number of investigations in the past five decades.
Our Reading
As expected, the matter has reached another stage.
Treasury Secretary Scott Bessent signals a rapid pivot by the Trump administration. The administration has been working to preserve tariffs after the Supreme Court’s ruling. Bessent’s comments come as the U.S. collected over $133 billion in IEEPA tariff duties. The administration has invoked several provisions of the U.S. Trade Act of 1974. Section 301 allows the president to implement retaliatory import restrictions. The strategy focuses on Section 301, which requires a formal period of notice and public comment. The administration has initiated over 75 investigations under Section 301.
The process has become a familiar routine.
Author: Evan Null
