Section 122 Tariff Cliff 8 Days Out — No Congressional Action Reported; Section 301 Fallback Timing Still in Doubt

With the Section 122 tariff authority set to expire July 24 — 8 days away — no Congressional action has been reported and none is expected; an extension would require 60 Senate votes, and there is no indication Congress plans to act. The administration's intended fallback, Section 301 tariffs on 60 economies over forced-labor practices, remained in the proposal/hearing stage as of July 7, with a 30-day pre-effect notice requirement that puts its readiness by July 24 in serious doubt — raising the prospect of a tariff-revenue coverage gap at the cliff date. Separately, the next FOMC meeting is scheduled for July 28-29 — a non-SEP meeting with no new dot plot — where consensus expects another hold at 3.50-3.75%. China's Politburo meeting, expected in late July, is being watched for fresh stimulus signals after the Q2 GDP miss.