The U.S. is expected to increase tariffs on global imports to 15% this week, said Treasury Secretary Scott Bessent on March 4, predicting that overall tariffs, halted by a Supreme Court ruling February 20, would be back to previous levels within five months, reports The New York Times.
That rate is an increase from the 10% across-the-board tariffs imposed by President Trump immediately after the court ruling struck down the administration’s emergency tariffs. In an interview on CNBC, Bessent said the U.S. would be using Section 122 of the Trade Act of 1974, which allows the president to impose an across-the-board tariff of up to 15% for 150 days, after which Congress would need to agree to extend it.
Separately, under Section 232 of the Trade Expansion Act of 1962, the U.S. Trade Representative plans to conduct trade investigations that would allow the Trump administration to replace the temporary tariffs with more permanent duties that would be less vulnerable to legal challenges.
The Times reports that Bessent has said that he doesn’t expect the federal government’s projected tariff revenue for the year to change despite the court ruling. “It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.
Further, the president threatened on March 3 to use his power to impose full trade embargoes on goods from other countries in the case of Spain, which angered him when it denied the United States the use of its military bases for America’s attack on Iran.