Market Update: U.S. Treasury Secretary: Global tariff hike to 15% likely this week – Business – Economy and Finance – Full Analysis

Emirates 24/7 – U.S. Treasury Secretary Scott Bessent announced that President Donald Trump’s plan to raise blanket tariffs from 10% to 15% is expected to be implemented as early as this week.

In an interview with CNBC, Bessent addressed the timing of the 5% increase, stating: “It’s likely to happen anytime this week.”

The move follows Trump’s imposition of a 10% universal tariff last month, after the Supreme Court invalidated much of his previous trade enforcement regime. Bessent noted that the legal authorities invoked for the new duties allow them to remain in effect for a limited period of 150 days.

During this window, U.S. trade officials will explore alternative legislation to reinstate the tariff structure that existed prior to the Supreme Court’s ruling, according to the Treasury Secretary.

“I feel very strongly that within five months, the rates will be back to where they were,” Bessent added. He explained that while tariffs imposed under Sections 301 and 232 “move very slowly,” they are considered “more durable” from a legal standpoint.