US likely to raise temporary global tariff rate to 15% this week, Bessent says

U.S. Treasury ​Secretary Scott Bessent said on Wednesday that an ‌increase in President Donald Trump's new temporary global import tariff to 15% from 10% was likely to be implemented sometime this ​week, Report informs via Reuters.

The new tariff rate was announced by ​Trump in late February after the Supreme ⁠Court struck down his previous global tariffs under a national ​emergencies law. He initially imposed the 150-day tariffs ​under Section 122 of the Trade Act of 1974 at a lower 10% rate.

"That's likely sometime this week," ​Bessent said on CNBC of the 15% ​rate order from Trump.

"During the 150 days, we will ‌see ⁠studies from USTR on Section 301, tariffs from Commerce on Section 232," he said, referring to other tariff authorities that have withstood court ​challenges.

He ​said the ⁠effort to rebuild Trump's tariff program under these authorities would bring ​US duty rates back to their ​prior ⁠levels within five months.

"They are slow moving, but they are more robust," Bessent said of ⁠the ​Section 232 national security-based tariffs ​and the Section 301 unfair trade practices tariffs.