US Treasury Secretary Scott Bessent confirmed that the temporary global import tariff rate will be increased from 10% to 15% as soon as this week. The move is part of President Donald Trump's latest strategy to strengthen the country's trade policy.
This realignment was made after the Supreme Court overturned the previous implementation of the tariffs using emergency legislation. In response, the Trump administration is now turning to Section 122 of the Trade Act of 1974 to ensure that the enforcement of import duties continues.
Bessent explained that the 150-day period will be used by the Office of the US Trade Representative (USTR) and the Department of Commerce to conduct a detailed review. The focus of the review is focused on Section 301 and Section 232 to build a stronger legal basis for the tariffs.
The main goal of this move is to return US import duty rates to their original levels within five months. While the legislative process under these new sections takes longer, they are considered more stable and difficult to challenge in court.
The move marks the Trump administration's continued assertiveness on global trade issues. Investors and trading partners are now awaiting further details on the product categories that will be directly affected by the 15% tariff hike.
