(Yahoo! Finance) - President Trump's threat to raise global tariffs to 15% from the current 10% rate could kick in this week, according to Treasury Secretary Scott Bessent.
Bessent told CNBC on Wednesday that the White House was looking to implement 15% tariffs "sometime this week."
The president's new 10% tariffs under Section 122 of the Trade Act of 1974 allow the president to impose tariffs of up to 15% for up to 150 days to address trade deficits. After 150 days, Congress would need to approve any extension.
During that time, the administration is exploring other laws to implement levies, with Bessent saying that he expects tariff rates to "be back to their old rate within five months." Trump's top trade adviser said US duties could exceed 15% for certain countries "where appropriate."
Trade policy has been marked by uncertainty since the Supreme Court's decision to invalidate Trump's most sweeping global tariffs and the president's new 10% blanket tariff went into effect.
Germany's Chancellor Friedrich Merz met with Trump in Washington on Tuesday in an effort to smooth over trade tensions after the European Union halted the ratification of its trade deal with the US, saying it needs "full clarity" on Trump's next steps before proceeding.
Meanwhile, more than 1,000 companies, including well-known names like Costco (COST) and FedEx (FDX), have filed lawsuits seeking refunds for the illegal tariffs they paid. However, the process to recoup costs looks murky and could take years to play out.
In recent weeks, Trump has also made plans to roll back some tariffs on metals as he and his administration seek to battle an affordability crisis ahead of the midterm elections.
Grace O'Donnell
Treasury Secretary Bessent says 15% global tariff could begin 'sometime this week'
Treasury Secretary Scott Bessent told CNBC that President Trump's global tariff increase to 15% would likely be implemented "sometime this week."
Last month, the White House imposed a 10% global tariff using a different authority than the one the Supreme Court invalidated. The new Section 122 tariffs are limited to 150 days, during which the US government is expected to explore ways to implement its tariffs similar to the illegal IEEPA ones.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.
The 15% tariff rate would replace the 10% tariff in place, according to President Trump's Truth Social post that followed the Supreme Court decision.
