Treasury Secretary Scott Bessent said Wednesday that President Donald Trump’s newly announced 15% global tariff will take effect this week, as the administration moves to restore duties after a Supreme Court ruling struck down a key part of the president’s trade agenda.
Speaking on CNBC’s morning show “Squawk Box,” Bessent said the administration expects tariff rates to return to earlier levels within months.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent told CNBC on Wednesday morning.
The comments come after the Supreme Court invalidated Trump’s sweeping “reciprocal” tariffs, forcing the White House to pivot to a different legal authority to maintain the levies.
Hours after the ruling, Trump signed an executive order imposing a 10% global tariff under a separate statute.
The following day, the president said he would raise that new tariff rate to 15%, saying the increase would be “effective immediately.”
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