The Scott Bessent announced that the United States is likely to implement a 15% global tariff this week. This follows conflicting statements from former Donald Trump about the rate after the Supreme Court struck down last year’s “Liberation Day” tariffs.
The new tariff aims to replace the previous sweeping import taxes and rebalance trade, support domestic manufacturing, and reduce US debt. Initially, the White House applied a 10% tariff using Section 122, which allows the president to impose duties of up to 15% for 150 days under certain conditions.
The administration also plans to use Section 301 and Section 232 tools for targeted, sector-specific tariffs on imports based on unfair trade practices or national security concerns. Businesses have expressed preference for these procedures, as they provide time to adjust to policy changes.
The Supreme Court ruling may result in up to $130bn in potential refunds for tariffs previously collected, with interest accruing at roughly $23m per day. Despite this, the administration expects the new tariffs to restore rates to their intended levels within five months.
