US Treasury Secretary Scott Bessent said President Donald Trump’s tariffs could be restored by July to the level they were at before the Supreme Court struck them down.
If reimposed, the levies could further compound inflationary pressures in the world’s largest economy at a time when the war in Iran is pushing up prices, especially in the energy sector.
While evidence suggests that importers have absorbed the biggest brunt of the tariffs, they have also taken a toll on the broader economy; the Federal Reserve last week confirmed the levies were responsible for recent price increases. “When processors face higher input costs, they pass it along,” a Cornell economist told Fortune.