Overview
- Treasury Secretary Scott Bessent said Tuesday that tariffs could return to prior levels by early July through new Section 301 investigations.
- A 10% universal tariff under Section 122, which allows a temporary levy for up to 150 days, remains in place through July 24.
- A Federal Reserve analysis finds tariffs raised core goods prices by 3.1% and explain the extra core goods inflation since January 2025.
- Official trade data show the U.S. goods and services deficit for January and February fell 54.8% year over year.
- A PwC survey reports 86% of U.S. executives now plan for tariffs as a permanent factor in pricing and supply chains.