economy

March 4, 2026

Bessent says global 15% tariff starts this week, predicts Trump duties will return to old levels later this year

The Supreme Court last month ruled that President Donald Trump's sweeping global tariffs are not authorized under the law known as IEEPA.

Bessent says global 15% tariff starts this week, predicts Trump duties will return to old levels later this year

TL;DR

  • The 15% global tariff, previously announced by President Trump, is expected to be implemented this week.
  • Treasury Secretary Scott Bessent stated that U.S. tariff rates will return to their old levels within five months.
  • These new tariffs are being imposed under Section 122 of the Trade Act of 1974 and can last for 150 days without congressional approval.
  • The Supreme Court had previously ruled against Trump's unilateral tariffs imposed using the International Emergency Economic Powers Act (IEEPA).
  • The new tariffs are considered more robust and have a strong legal standing, having survived over 4,000 legal challenges.

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