US Treasury Secretary: 'Trump Tariffs' Could Be Restored by Early July... Rates Should Be Lowered Further

U.S. Treasury Secretary Scott Besant

The U.S. Donald Trump administration announced that it could restore its tariff policy, which was halted by a federal Supreme Court ruling, by early July.

Treasury Secretary Scott Besant said at a Wall Street Journal (WSJ) event held in Washington D.C. on the 14th (local time), after mentioning Section 301 of the Trade Act, that "tariffs at previous levels could be reimposed as early as early July."

Previously, President Trump imposed broad reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA), but this was blocked by a Supreme Court ruling of unconstitutionality.

Currently, the Trump administration is imposing a '10% global tariff' worldwide based on Section 122 of the Trade Act, and has also initiated an investigation under Section 301 to further increase tariff rates.

Section 301 is a provision that allows for measures such as imposing additional tariffs in response to unfair trade practices by other countries.

Secretary Besant gave an optimistic diagnosis regarding the U.S. economic situation.

He said, "While it is uncertain when the economic impact of the war in Iran will fully materialize, the current economy is robust," adding that "there is a possibility that this year's growth rate could exceed 3-3.5%."

He also maintained his position that the Federal Reserve (Fed) should cut interest rates.

Secretary Besant argued that "the Fed's judgment on inflation has some erroneous aspects," and that "as core inflation, excluding energy and food, is falling, there is room for a larger interest rate cut."