Jared Bernstein: SCOUS Tariffs Decision Will Have Positive Economic Impact

EXCERPT:

BERNSTEIN: “I think we'll have to wait and see what they come back with. But it's much harder for them under Section 122, 232, 301. All those different sections make it tougher for them to replace the kinds of sweeping reciprocal tariffs. But they still can move actually pretty quickly. There's a section called 122 where they can impose a 15 percent tariff for 150 days without a whole lot of discussion. And maybe they'll do that. But I think -- look, if you believe as I do, and I think the facts are very clear, the research is very clear, and I say this with no fear of discipline from the likes of Kevin Hassett, if you -- if you're clear that inflation has been kicked up by something between a half and a percentage point because of the tariffs, this will partially reduce that. Again, you just heard Diane say it's not the whole shooting match, but fewer tariffs means less price pressure on some of our imports. That will be good for inflation. It'll be good for affordability. It'd be good for consumers. But we're yet to see what the administration comes back with.”