US President Donald Trump recently imposed a 10% universal tariff, but it’s now set to be further increased. US Treasury Secretary Scott Bessant has indicated that the US may soon raise its 10% universal import tariff to 15%. Speaking with CNBC, Bessant stated that this change is likely to occur this week. This move is considered another major shift in President Donald Trump’s trade policy.
Last month, the Supreme Court struck down a large portion of Trump’s old tariff structure. Following this, Trump imposed a new 10% universal tariff. However, Bessant clarified that under current law, these new tariffs can only remain in effect for 150 days.
Old rates may return in 5 months
During this period, US officials will explore alternative legal avenues to reinstate the old tariff framework. Bessant expressed confidence that tariff rates could return to their previous levels within 5 months. He said that the tariffs imposed under Section 301 and Section 232 are slower, but stronger.
US Supreme Court setback for Trump
Last month, the Supreme Court struck down Trump’s global tariffs, dealing a blow to his major economic policy. Companies have subsequently launched legal battles seeking refunds. These developments could impact global trade and export-dependent economies like India, as the US shifts its tariff strategy.
