Treasury Secretary Scott Bessent announced Tuesday that President Donald Trump’s tariffs could be reinstated as early as July, following a Supreme Court decision that struck down Trump’s IEEPA-based tariffs earlier this year, forcing the administration to seek alternative trade authorities [1]. Bessent stated at a Wall Street Journal event, 'We had a setback at the Supreme Court in terms of the tariff policy,' but indicated that Section 301 studies are underway, which could enable tariffs to return to previous levels by the beginning of July [1].
The Supreme Court ruled in February that the International Emergency Economic Powers Act (IEEPA) does not authorize tariffs, prompting the Trump administration to invoke several provisions of the U.S. Trade Act of 1974 to preserve tariff measures [1]. As of mid-December, the U.S. had collected more than $133 billion in IEEPA tariff duties, a figure that grew to roughly $166 billion by early March 2026, according to U.S. Customs and Border Protection data [1].
The administration’s strategy now centers on Section 301 of the Trade Act of 1974, which permits retaliatory import restrictions against countries found to engage in unfair or discriminatory trade practices toward U.S. businesses [1]. Since the Supreme Court ruling, the Trump administration has initiated over 75 Section 301 investigations, significantly outpacing the average annual number of such investigations over the past five decades, according to Alan Wm. Wolff of the Peterson Institute for International Economics [1].
Additionally, Trump announced new 10% global tariffs last month, utilizing an emergency provision under the trade law that allows the president to unilaterally impose import fees of up to 15% [1]. These moves underscore the administration’s commitment to maintaining tariff pressure, which Trump has described as 'life or death' for the U.S. economy [1].
CONCLUSION
The Trump administration is rapidly pivoting to restore tariffs by July using Section 301 and other trade law provisions after the Supreme Court invalidated IEEPA-based tariffs. With over 75 new Section 301 investigations and the announcement of new global tariffs, the administration is signaling a high-impact, aggressive stance on trade policy. Market participants should prepare for renewed tariff measures and potential shifts in global trade dynamics.