Tariff rates on American trading partners will jump back to the same levels seen before the Supreme Court ruled against the Trump administration’s “reciprocal” duties, according to Treasury Secretary Scott Bessent.

Appearing on CNBC on Wednesday, Bessent claimed that the “unfortunate” decision from the nation’s highest court to invalidate President Donald Trump’s International Emergency Economic Powers Act (IEEPA) duties in February will be effectively reversed next month.

“Currently, USTR Ambassador Jamieson Greer is doing studies for Section 301 and if those studies are successful, and I have no reason to believe they won’t be… then the tariff rates are going to go back to exactly where they were,” he said.

“I think it’s been a big success at Treasury. Assuming that the 301 studies go through, we think that there’s going to be a de minimis decline in tariff revenue in our projections for fiscal year 2026,” he added. Bessent also pointed to the global 10 percent duties levied under Section 122 as a part of the tariff “reboot,” though those are slated to expire on July 24.

The Office of the U.S. Trade Representative (USTR) proposed ad valorem tariffs of 10 percent or 12.5 percent on almost all imports from 60 countries following Section 301 investigations into their failure to effectively ban goods produced with forced labor.

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