Tariff uncertainty returns

U.S. tariff planning got murkier again after Treasury Secretary Scott Bessent said higher rates struck down in February could return by early July. (news.bloomberglaw.com) Bessent said on April 14 that the administration is preparing Section 301 investigations so tariffs could be restored “by beginning of July,” after what he called a Supreme Court “setback” for tariff policy. (bloomberg.com) That “setback” was the Supreme Court’s 6-3 ruling on February 20, 2026, in *Learning Resources v. Trump*, which held that the International Emergency Economic Powers Act does not authorize a president to impose tariffs. (supremecourt.gov) The White House responded by switching to Section 122 of the Trade Act of 1974, a narrower law that allows a temporary import surcharge of up to 15% for no more than 150 days without Congress. (whitehouse.gov) That switch created a clock. Trade lawyers and customs advisers say the Section 122 surcharge took effect on February 24, 2026, and runs through July 24 unless Congress acts, which is why July is now the key date in supply-chain planning. (cov.com) The U.K. House of Commons Library said on April 14 that a 10% tariff still applies to most British goods entering the United States, but the legal basis for several American tariffs changed after the February ruling and “it remains unclear” whether that rate will stay in place. (commonslibrary.parliament.uk) The same briefing says the United States raised tariffs on steel, aluminum and derivative goods to 50% on June 4, 2025, while a separate U.S.-U.K. Economic Prosperity Deal left some relief only partly implemented. (commonslibrary.parliament.uk) For importers, the problem is not only the rate but the legal tool behind it. Section 301 usually requires an investigation and findings, while Section 122 is temporary, so companies are trying to price goods and sign contracts against two different tariff playbooks. (news.bloomberglaw.com, cfr.org) The court fight is also still affecting money already paid at the border. On March 4, the U.S. Court of International Trade said all importers of record whose entries were subject to tariffs imposed under the International Emergency Economic Powers Act are entitled to benefit from the Supreme Court ruling, though the government signaled it would challenge the order. (sullcrom.com) So the next three months leave businesses watching two tracks at once: whether Section 301 cases rebuild higher tariffs, and whether the temporary Section 122 regime simply expires on July 24. (whitehouse.gov, bloomberg.com)