Treasury Secretary Scott Bessent revealed in an interview on Wednesday that new 15% global tariffs will be implemented later this week.
Bessent stated, “It’s my strong belief that the tariff rates will be back to their old rate within five months, and those are very fulsome authorities that provide they have survived more than 4000 legal challenges.”
Bessent observed that the replacement tariffs, enacted under Section 122 of the Trade Act of 1974, are limited to a maximum of 150 days unless Congress grants an extension.
New 10% tariffs were implemented, under a different law, only hours after the court invalidated President Trump’s “reciprocal” tariffs. A day later, Trump announced he would raise the new tariff rate to 15%, “effective immediately.”
Bessent also confirmed that within the 150-day period, the Office of the U.S. Trade Representative and the Commerce Department will finalize trade-related studies, enabling them to impose additional tariffs.
“They are more slow moving, but they are more robust.”
In the interview with CNBC, Bessent also said the crude oil markets are well supplied despite the U.S.-Israeli conflict over Iran, and that the U.S. intends to make several more announcements on the matter soon.
He stated that if needed, U.S. forces will safeguard ships passing through the Strait of Hormuz. “So, U.S. government is going to step in, and when it is appropriate, and should it be needed, the U.S. Navy will provide safe passage through the straits,”
By CEO NA Editorial Staff
