Speaking on CNBC on June 24, 2026, Treasury Secretary Scott Bessent predicted that if the Section 301 investigations currently underway at the Office of the U.S. Trade Representative succeed, the resulting tariff rates will return to exactly where they stood under the tariffs previously imposed through the now-disallowed International Emergency Economic Powers Act (IEEPA). Bessent said he had no reason to believe the investigations would not be successful, while cautioning that the final rates cannot be known until those actions are completed. He added that, assuming the Section 301 studies move forward, Treasury projects only a de minimis decline in tariff revenue for calendar year 2026.
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