Trump’s Global Tariffs Will Ramp to 15% ‘Sometime This Week,’ Says Bessent

FomoAnxiety · 2026-03-04T16:40:11+00:00

Treasury Secretary Scott Bessent announced that President Trump intends to raise global tariffs from 10% to 15% soon. Following a Supreme Court ruling, this move utilizes Section 122 of the Trade Act to address economic emergencies, with potential increases expected by August.

FomoAnxiety

2026-03-04 16:40:11

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Treasury Secretary Scott Bessent said on Wednesday that President Trump will increase the global tariff rate to 15% from 10% “likely sometime this week.”

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After the Supreme Court struck down Trump’s previous tariffs under the International Emergency Economic Powers Act (IEEPA), Trump turned to Section 122 of the Trade Act of 1974 to impose the 10% tariffs. Section 122 allows a maximum tariff rate of 15% for up to 150 days in response to a balance-of-payments emergency. The tariffs can be extended with congressional approval.

Bessent Says Tariffs Will Return to Prior Levels by August

Furthermore, Bessent expects Trump’s tariffs to return to their previous rates before the SCOTUS ruling by August.

“It’s my strong belief that the tariff rates will be back to their old rate within five months,” he told CNBC. Before August, the administration plans on conducting Section 301 and 232 investigations to implement additional tariffs.

Thousands of companies have filed lawsuits to receive IEEPA tariff refunds, including Costco COST -0.70% ▼ and FedEx FDX -0.54% ▼ . However, the process of receiving these refunds is still unclear, as SCOTUS didn’t provide guidance on the matter.

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