US President Donald Trump’s temporary global import tariff could soon increase to 15%, according to recent remarks by Treasury Secretary Scott Bessent. He said the change may take effect within days as the administration reshapes its trade policy after a recent Supreme Court ruling.
Speaking in an interview on CNBC, Bessent said the tariff increase from the current 10% rate is likely to be implemented soon.
“That’s likely sometime this week,” Bessent said when asked about the timing of the higher tariff level.
The proposed increase forms part of Trump’s effort to rebuild his tariff framework after the US Supreme Court ruled in February that the President lacked the authority to impose certain sweeping duties under the International Emergency Economic Powers Act (IEEPA).
Despite the court setback, Bessent suggested the administration is confident that overall tariff levels will soon return to where they stood before the ruling.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said during the CNBC interview.
The Treasury Secretary said the administration plans to rely on alternative legal authorities to reinstate the tariffs.
NEW AUTHORITIES TO REBUILD TARIFF PROGRAMME
Bessent said trade investigations conducted by the Office of the US Trade Representative (USTR) and the Commerce Department would help justify future duties under existing trade laws.
“During the 150 days, we will see studies from USTR on Section 301, tariffs from Commerce on Section 232,” Bessent said.
Section 301 tariffs, aimed at addressing unfair trade practices, and Section 232 tariffs, based on national security concerns, have previously been used by the Trump administration to impose duties on imports.
“They are slow moving, but they are more robust,” Bessent said, referring to the legal durability of tariffs imposed under those authorities.
The new tariff framework is currently being implemented under Section 122 of the Trade Act of 1974, which allows temporary import duties for up to 150 days unless Congress approves an extension.
Trump announced the tariff plan shortly after the Supreme Court ruling in February, initially declaring a 10% global tariff before saying the rate would increase to 15%.
(With inputs from agencies)
