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

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

The US 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 Bessent said on the 14th (local time) at an event hosted by the Wall Street Journal (WSJ) in Washington D.C., after mentioning Section 301 of the Trade Act, "We can reimpose tariffs at existing levels as early as early July."

Previously, President Trump imposed broad reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA), but was blocked by the Supreme Court's 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 of partner countries.

Secretary Bessent gave an optimistic diagnosis of the US economic situation.

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

He also maintained his stance that the Federal Reserve (Fed) should lower interest rates.

Secretary Bessent argued, "There's an aspect where the Fed's inflation judgment is somewhat mistaken," adding, "As core inflation, excluding energy and food, is falling, there is room for a larger interest rate cut."