US to Apply 15% Global Tariffs This Week, Then Roll Back to Pre-Decision Rates in Five Months
Treasury Secretary Scott Bessent says the 15% global tariff promised by Trump will likely take effect this week, rising from 10%. He also predicts that tariff levels will return to their pre-Supreme Court levels within five months as trade studies are completed and authorities under the Trade Act of 1974 (Section 122) and IEEPA are used, with potential extensions requiring congressional action.