U.S. Treasury Secretary Scott Bessent said the newly imposed global tariff on countries around the world will be raised from 10% to 15% within this week.
Minister Bessent appeared on CNBC on the 4th (local time) and said, "President Donald Trump's released measure imposing a 15% global tariff will take effect this week."
After the Supreme Court ruled that imposing a reciprocal tariff based on the International Emergency Economic Powers Act (IEEPA) was unlawful, President Trump signed an executive order imposing a 10% substitute tariff on countries worldwide under Section 122 of the Trade Act. A day later, he released that the tariff rate would be raised to 15%.
However, the substitute tariff can be imposed for only 150 days unless Congress approves an extension. Minister Bessent said, "During this period, we plan to conduct investigations for country-specific tariffs under Section 301 of the Trade Act and item-specific tariffs under Section 232 of the Trade Expansion Act."