US treasury chief says 15% global tariff likely implemented this week

2026-03-04 - 14:44

US treasury secretary Scott Bessent said the tariff under Section 122 of the Trade Act lasts 150 days unless extended by Congress. (EPA Images pic) WASHINGTON: US treasury secretary Scott Bessent said Wednesday that Donald Trump’s 15% global tariff is likely to be rolled out this week as the president moves to rebuild his trade agenda after a major legal setback. The Supreme Court last month struck down Trump’s country-specific tariffs, which he imposed on allies and competitors alike, delivering a stinging rebuke of his signature economic policy. Since then, the US leader has tapped a different law to impose a new 10% duty and vowed to raise this level to 15%. Asked when the hike will be implemented, Bessent told CNBC: “That’s likely sometime this week.” He added that this will be done under Section 122 of the Trade Act of 1974 – the same basis for Trump’s new 10% tariff – which only allows for a duty lasting 150 days unless Congress extends it. During this five-month window, the Trump administration will move to wrap up investigations linked to concerns over national security and unfair trade, Bessent said. These probes, in turn, could bring about new sets of tariffs. “It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said. “And those are very fulsome authorities,” he added, referring to the laws justifying these investigations. “They have survived more than 4,000 legal challenges. They are more slow-moving, but they are more robust,” Bessent said.