US Treasury Secretary Scott Bessent says a 15% global tariff is likely this week, as the Trump administration pivots after a Supreme Court defeat on trade policy.
WASHINGTON: US Treasury Secretary Scott Bessent said on Wednesday that a new 15% global tariff proposed by President Donald Trump is likely to be implemented this week.
Bessent made the statement during an interview with CNBC, indicating the administration is moving swiftly to rebuild its trade agenda following a major legal setback last month.
The Supreme Court struck down Trump’s previous country-specific tariffs in a ruling that delivered a stinging rebuke to his signature economic policy.
Since that ruling, the US leader has utilised a different law to impose a new 10% duty and has vowed to raise this level to 15%.
Bessent confirmed the planned hike would be implemented under the same legal basis, Section 122 of the Trade Act of 1974, which only allows for a duty lasting 150 days unless Congress extends it.
He stated that during this five-month window, the Trump administration will work to conclude investigations linked to national security and unfair trade concerns.
These probes could, in turn, lead to the imposition of new sets of tariffs.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.
Referring to the laws that justify these longer-term investigations, he added, “They have survived more than 4,000 legal challenges.”
“They are more slow moving, but they are more robust,” Bessent concluded, emphasising the administration’s confidence in this alternative legal pathway.
