"The new tariff would replace the blanket import duties announced by Donald Trump last year, which had imposed levies on goods from dozens of countries. Those measures were struck down by the Supreme Court of the United States after judges ruled that the administration had exceeded its authority by using emergency powers to justify the tariffs."
"Bessent's latest comments suggest the administration now intends to align policy with Trump's earlier statements by raising the tariff to the maximum level allowed under the temporary legal authority being used. Speaking to CNBC, Bessent said he believed tariffs would ultimately return to their previous levels within a matter of months."
"It's my strong belief that the tariff rates will be back to their old rate within five months. He argued that the court ruling would not undermine the administration's broader trade strategy or the revenue the US expects to collect from import duties."
The Trump administration is preparing to implement a 15 percent global tariff rate following a Supreme Court decision that invalidated its previous tariff policies. Treasury Secretary Scott Bessent confirmed the higher rate would likely be implemented within the week. The administration initially introduced a 10 percent tariff using alternative legal authority after the court ruled it had exceeded its power by using emergency measures to justify the original duties. Trump's social media statements indicated a 15 percent rate, creating confusion as the lower rate initially took effect. Bessent expressed confidence that tariff rates would return to previous levels within five months and dismissed concerns about the court ruling undermining the administration's trade strategy or revenue collection.
Read at Business Matters
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