By Gloria Ogbonna
U.S. Treasury Secretary Scott Bessent said Wednesday that the administration of Donald Trump is preparing to increase its broad tariff rate on imported goods to 15 percent sometime this week, providing the first clear timeline for a move the president had previously announced but had not yet implemented.
Speaking during an interview on Squawk Box on CNBC, Bessent indicated that the tariff increase could take effect in the coming days.
“That’s likely sometime this week,” Bessent said, confirming that the administration is moving forward with the policy after signaling the increase earlier.
Last month, President Trump introduced a 10 percent global tariff on imported goods after the Supreme Court of the United States struck down parts of his broader tariff framework.
Shortly after that ruling, Trump announced plans to raise the rate to 15 percent, but the increase had not yet been formally enacted until now.
While the administration has confirmed the upcoming tariff hike, questions remain about how widely it will be applied. Some trade officials have suggested that the higher rate may not apply equally to all countries.
U.S. Trade Representative Jamieson Greer indicated last week that the 15 percent tariff might not be universal, suggesting that certain trading partners could be exempt depending on existing trade agreements and negotiations.
One possible exemption involves the European Union. According to individuals familiar with ongoing discussions, European leaders expect their exports may avoid the higher tariff rate because of a previously negotiated trade framework agreement between Washington and Brussels.
Economic analysts are closely watching the move because of its potential impact on global trade and consumer prices. According to estimates from the Tax Policy Center, the 10 percent tariff already implemented has contributed to raising the average tariff rate on imports into the United States.
The current tariffs are being applied under Section 122 of the Trade Act of 1974, a legal provision that allows the president to impose temporary tariffs to address trade imbalances. However, the law limits those tariffs to a maximum duration of 150 days unless Congress approves an extension.
Bessent explained that the administration intends to use this temporary window to build a more permanent and legally durable tariff framework using additional trade laws.
Specifically, officials plan to conduct investigations under Section 301 and Section 232 of U.S. trade law, mechanisms that allow the government to impose tariffs if foreign trade practices are deemed unfair or if imports are found to threaten national security.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said during the interview. “They are slower-moving, but they are more robust,” he added, referring to the legal processes required under the longer-term trade investigations.
The current tariff debate intensified after the Supreme Court’s February decision invalidated a set of so-called reciprocal tariffs that the Trump administration had imposed under the International Economic Emergency Powers Act. That ruling forced the administration to rely on other legal authorities to maintain its broader trade strategy.
Despite the court’s ruling, many tariffs imposed during the Trump presidency remain in effect. These include duties on metals, automobiles, trucks, and timber imports.
The Tax Policy Center estimates that the average tariff rate on goods entering the United States currently stands at approximately 12.1 percent. Once the temporary Section 122 tariffs expire after the 150-day limit, analysts project that the rate could fall to around 9.1 percent if no additional measures are enacted.
Before the Supreme Court’s ruling earlier this year, the average tariff rate in the United States had climbed to roughly 17 percent. By comparison, before Trump’s second-term tariff policies were introduced, the average U.S. tariff rate was about 2.6 percent.
Tariff rates also vary significantly depending on the country exporting goods to the United States. Imports from China currently face some of the highest tariffs, averaging about 27.2 percent.
Other trading partners face lower but still substantial rates. Goods from Vietnam are subject to an average tariff of around 15.3 percent, while imports from Germany face an average rate of approximately 11.4 percent.
The administration’s next steps on tariffs are expected to be closely watched by lawmakers, global trading partners, and economists, as the policy could have significant implications for international trade relationships, inflation, and the cost of imported goods for American consumers.
Source Breitbart
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