US Treasury Secretary Scott Besant says 15% global tariffs are likely this week, as the Trump administration moves forward following a Supreme Court defeat on trade policy.
Washington: US Treasury Secretary Scott Besant said on Wednesday that the new 15% global tariffs proposed by President Donald Trump are likely to be implemented this week.
Besant made the statement during an interview with CNBC, indicating that the administration is moving quickly to rebuild its trade agenda after a major legal setback last month.
The Supreme Court struck down Trump’s previous country-specific tariffs in a decision that dealt a harsh rebuke to his signature economic policy.
Since that decision, the US leader has used a separate law to impose a new fee of 10% and has vowed to raise the level to 15%.
Besant confirmed that the planned increases would be implemented under the same legal basis, Section 122 of the Trade Act of 1974, which allows the tariffs to last only 150 days unless Congress extends them.
He said that during this five-month period, the Trump administration will work to end investigations involving national security and unfair trade concerns.
These investigations, in turn, may lead to new sets of tariffs being imposed.
Besant said, “It is my firm belief that tariff rates will return to their old rate within five months.”
“They have survived more than 4,000 legal challenges,” he said, referring to the laws that justify these long-term investigations.
“They are moving more slowly, but they are stronger,” Besant concluded, emphasizing the administration’s confidence in this alternative legal route.
