Credit...Tierney L. Cross/The New York Times
Bessent Says Global Tariffs Will Rise to 15% This Week
Treasury Secretary Scott Bessent predicted that overall tariff rates, which fell after a Supreme Court ruling last month, would be back to previous levels within five months.
by https://www.nytimes.com/by/alan-rappeport · NY TimesThe United States is expected to increase tariffs on global imports to 15 percent this week, Treasury Secretary Scott Bessent said on Wednesday, as the Trump administration works to replicate some of the punishing duties struck down by the Supreme Court.
That rate is an increase from the 10 percent global tariffs that President Trump imposed last month after a court ruling struck down the administration’s emergency tariffs. In an interview on CNBC, Mr. Bessent said the United States would be using a legal authority that allows the president to impose an across-the-board tariff for 150 days unless Congress agrees to extend it.
Mr. Bessent said that the office of the United States Trade Representative would conduct trade investigations to allow the Trump administration to replace the temporary tariffs with more permanent duties that would be less vulnerable to legal challenges.
Mr. 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,” Mr. Bessent said.
Mr. Trump announced the higher tariff rate last month after the Supreme Court ruling, but it has not yet taken effect. For some countries, such as Britain and Australia, Mr. Trump’ 15 percent tariff would be higher than the rates previously applied to their exports to the United States. For others, like China, Vietnam, India and Brazil, the new rate would be significantly lower.
The Supreme Court restricted Mr. Trump’s ability to quickly wield tariffs for national security reasons, but the president does have the power to impose full trade embargoes on goods from other countries.
Mr. Trump on Tuesday suggested that he might use that power to end trade with Spain, which angered him by denying the United States the use of its military bases for its attack on Iran.
“We are going to cut off all trade with Spain,” Mr. Trump said at the White House. “We don’t want anything to do with Spain.”