US Treasury Secretary: Global tariffs could rise to 15% this week

US President Donald Trump’s recently announced 15% global tariff is expected to be implemented later this week, rising from the current 10%, Treasury Secretary Scott Bessent said on March 4.

Bessent also predicted that U.S. tariff rates would, by August, effectively return to levels seen before the Supreme Court of the United States struck down the steeper duties Trump unilaterally imposed on most countries last year.

“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said in an interview on CNBC’s “Squawk Box.”

Last year, Trump, without congressional approval, imposed a broad array of tariffs on imports from most countries by invoking the International Emergency Economic Powers Act (IEEPA). The Supreme Court, in a 6-3 ruling on February 20, said Trump did not have the legal authority to circumvent Congress using IEEPA.

Hours after the ruling, Trump signed an executive order to impose a global 10% tariff under a different law. A day later, he announced he would raise that rate to 15%, “effective immediately.” However, when the tariff took effect, it remained at 10%.

During his interview on “Squawk Box,” Bessent was asked about the discrepancy between the 15% level Trump had promised and the current rate, and if he knew when the higher level would take effect.

“That’s likely sometime this week,” Bessent said.

He added that the replacement tariffs, imposed under Section 122 of the Trade Act of 1974, can last for only 150 days unless Congress approves an extension.

By Sabina Mammadli