Trump’s 15% global tariff likely this week, says Treasury chief Bessent

President Donald Trump’s plan to raise the United States’ universal import tariff to 15% is likely to be implemented sometime this week, Treasury Secretary Scott Bessent said on Wednesday.

The administration had previously announced a plan to increase the global tariff rate from 10% to 15%, but the change has yet to take effect.

Trump tariff increase expected this week

During an interview on CNBC’s Squawk Box, Bessent said the adjustment could happen soon.

“That’s likely sometime this week,” Bessent said when asked about the timing of the increase.

Trump last month implemented a 10% universal tariff after the US Supreme Court struck down much of his earlier tariff regime.

The president had previously imposed sweeping duties on imports from most countries by invoking the International Emergency Economic Powers Act (IEEPA) without authorization from Congress.

However, in a 6–3 ruling on February 20, the Supreme Court said Trump did not have the legal authority to use IEEPA to impose those tariffs.

Hours after the ruling, Trump signed an executive order introducing a new global tariff under a different legal authority.

The administration initially said the new rate would be 15% and would take effect immediately, but the tariff ultimately came into force at 10%.

New tariffs under temporary authority

The replacement tariffs are being imposed under Section 122 of the Trade Act of 1974.

According to Bessent, the authority allows the tariffs to remain in place for only 150 days unless Congress approves an extension.

During that period, the Office of the US Trade Representative and the Commerce Department will conduct trade-related studies that could support additional tariffs.

Bessent said the administration intends to use that time to rebuild a broader tariff framework through other legal authorities.

“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.

He also referred to other trade measures that the administration may rely on to reestablish tariffs that were invalidated by the court.

“They are very slow moving, but they are more robust,” he said of the so-called sections 301 and 232 tariffs that are planned to replace the invalidated IEEPA duties.

Market reaction and oil outlook

Financial markets reacted quickly to the comments about a potential tariff increase.

US stock futures erased earlier gains after Bessent indicated that the higher rate could be implemented soon.

Contracts tied to the S&P 500 were down about 0.1% after earlier rising as much as 0.4% during the session.

The Treasury secretary also addressed concerns about global energy markets amid ongoing geopolitical tensions.

Bessent downplayed the potential impact of the US and Israeli conflict with Iran on oil supply.

According to Bessent, global supply remains sufficient, and the administration is prepared to support the energy sector if needed.