US Tariffs Could Revert To Previous Levels If Section 301 Probes Succeed: Bessent

United States Treasury Secretary Scott Bessent said tariff rates could return to their previous levels if investigations under Section 301 conducted by the Office of the US Trade Representative (USTR) result in fresh levies.

“Right now, we have something called Section 122 tariffs, which is a 10% global tariff. Currently, USTR Ambassador Jamieson Greer is conducting studies for Section 301. And if those studies are successful… then the tariff rates are going to go back to exactly where they were,” Bessent said.

Under US law, Section 122 tariffs can remain in place for 150 days and are scheduled to expire on July 24.

In its interim findings, the USTR has proposed an additional 12.5% tariff on imports from India and more than 50 other countries over

their alleged failure to curb imports made using forced labour. The results of a separate Section 301 investigation into structural excess capacity in 15 countries, including India, are still awaited.

Also Read: ‘Treated Unfairly’: New Book Reveals Trump Insisted India Charged 175% Tariffs, Rejected US Data

Bessent also said President Donald Trump had used reciprocal tariffs to bring countries to the negotiating table and secure trade deals, adding that the Section 301 process was intended to achieve a similar objective.

His remarks come as India and the United States continue negotiations on a bilateral trade agreement.

Speaking in London, Commerce and Industry Minister Piyush Goyal said India would move ahead with a deal only if it secured a competitive advantage over other countries.

“We had negotiated that deal on bringing down 50% tariff to 18%. The whole deal was centred around the competitive advantage over our neighbours and other competing countries. We were lower than all our neighbouring countries, all the ASEAN countries, other than Singapore. That is why the deal was attractive,” the minister said.

“We have to have some reason to be able to enter into force the agreement that we have and to ensure that we get a competitive advantage over countries in the same stage of development or same cost structures as India, whether it’s Vietnam, Thailand, the Philippines, Indonesia, Malaysia, China apart from Bangladesh, Sri Lanka and all our neighbours. Until that framework of getting that competitive advantage can be finalised, we can’t enter into force a US deal. That’s broadly the discussion,” Goyal added.