OKLAHOMA CITY (OBV) — President Donald Trump’s newly announced 15% global tariff is expected to take effect this week, Treasury Secretary Scott Bessent told CNBC on Wednesday, according to the network’s reporting.
The tariff is set to rise from its current 10% level and comes after the Supreme Court struck down Trump’s earlier “reciprocal” duties last month.
In an interview on Squawk Box, Bessent said he anticipates U.S. tariffs will effectively return by August to the rates that existed before the court’s Feb. 20 ruling invalidated Trump’s prior actions. “It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent told CNBC.
Bessent also noted that the administration is using Section 122 of the Trade Act of 1974 to impose the new tariff authority, which lasts 150 days unless extended by Congress. During that period, the Office of the U.S. Trade Representative and Commerce Department are conducting studies that could enable additional duties.
CNBC reported that Trump initially announced the 15% tariff as “effective immediately,” though the rate implemented at the time stood at 10%. The increase to 15% is still pending but expected this week, Bessent said.
