US President Donald Trump's tariffs could return to levels they were at before the Supreme Court struck down many of the tariffs by July, Treasury Secretary Scott Besant said.
"We suffered a defeat in the Supreme Court on tariff policy, but we will implement or conduct studies under Section 301, so tariffs could return to previous levels by early July," Besant said Tuesday at a Wall Street Journal event in Washington.
Trump is seeking to is reinstating tariffs using different methods after the Supreme Court ruled that the use of its emergency powers to impose previous tariffs was unconstitutional.
Bessent said that while it is difficult to say when the consequences of the war with Iran will "burden" the US economy, it is in good shape.
"I think growth could easily exceed 3% or even 3.5% this year," he said.
He added that it is a good sign that core inflation, which excludes volatile energy and food prices from the calculation, continues to decline.
"I think the Fed has been wrong about inflation and that core inflation is declining," he noted. “I understand if they want to wait until the data is clearer, but that would mean interest rates would have to be cut much further.”
However, the March report, which showed a slowdown in core inflation, also recorded a sharp rise in the overall consumer price index, which includes gasoline prices, Bloomberg notes.
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