US to raise global tariff to 15% this week, old rates may return in 5 months: Scott Bessent

US Treasury Secretary Scott Bessent

The United States could raise its newly imposed 10% universal import tariff to 15% as early as this week, Treasury Secretary Scott Bessent has indicated, signalling further churn in global trade policy under President Donald Trump.

Speaking to CNBC, Bessent said the proposed hike was imminent. “That’s likely sometime this week,” Bessent said on CNBC in response to a question about when the increase to 15% would be implemented.

Trump last month introduced a 10% universal levy after the Supreme Court struck down much of his earlier tariff regime. However, Bessent clarified that the legal authority backing the new duties allows them to remain in place for only 150 days.

During that period, US trade officials are expected to explore alternative legal routes to reinstate the earlier tariff framework that existed before the court’s ruling.

“It’s my strong belief that the tariff rates will back to their old rate within five months,” Bessent said. “They are very slow moving, but they are more robust,” he added, referring to the so-called Sections 301 and 232 tariffs that are expected to replace the invalidated IEEPA-linked duties.

Scott Bessent said the ⁠effort to rebuild Trump's tariff program under these authorities would bring ​U.S. duty rates back to their ​prior ⁠levels within five months.

"They are slow moving, but they are more robust," Bessent said of ⁠the ​Section 232 national security-based tariffs ​and the Section 301 unfair trade practices tariffs.

The Supreme Court last month delivered a stinging rebuke of Trump's signature economic policy by striking down his global tariffs -- opening the door to a complicated legal fight as companies sue for their money back.

The developments could have implications for global trade flows and export-oriented economies, including India, as Washington recalibrates its tariff strategy amid ongoing legal and policy shifts.

On Global Oil Market

“I would encourage everyone to look through the noise and see where we are going on the other side of this in terms of the crude markets — the crude markets are very well supplied,” Bessent said. “There are hundreds of millions of barrels on the water away from the Gulf. But more importantly, we have a series of announcements that we’re going to be making.”

He pointed to the previously announced plan for the US government to offer insurance for oil cargo ships when appropriate, and for the US Navy to provide safe passage through the Strait of Hormuz.

On Crude Oil

Bessent highlighted China’s vulnerability to any cutoff of oil shipments from the Persian Gulf, saying more than 50% of their energy comes from that region. “They’ve probably been buying 95% of the Iranian crude. That’s obviously on hold right now.”

Asked about Trump’s comment on Tuesday suggesting a trade embargo with Spain, and whether the Treasury chief would be responsible for that, Bessent said, “It would be a combination effort.” He didn’t specifically comment on whether such a sanction will be enacted.