US to hike tariffs 10-15% this week, says Scott Bessent; predicts return to Trump rates in 5 months

US Treasury Secretary Scott Bessent has said the United States will raise global tariffs by 10-15% sometime this week, in what was described as a CNBC exclusive interview.According to CNBC, Bessent also predicted that US tariff rates would return to the levels imposed before the recent ruling by the Supreme Court of the United States within five months. “It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said, adding that the alternative mechanisms being considered are “slow moving, but they are more robust.”Last month, President Donald Trump introduced a 10% universal levy after the Supreme Court struck down much of his earlier tariff regime. However, Bessent clarified that the legal authority underpinning the new duties allows them to remain in force for only 150 days.Also Read: Federal court rejects Trump administration attempt to slow tariff refund processDuring this window, US trade officials are expected to pursue other legal pathways to reinstate the earlier tariff framework. Bessent indicated that the administration plans to rely on Section 232 national security-based tariffs and Section 301 unfair trade practice tariffs to rebuild the programme and restore duty rates to prior levels. These provisions, he said, would replace the invalidated tariffs that had been linked to the International Emergency Economic Powers Act (IEEPA).Also Read: US submarine sank Iranian warship with torpedo in Indian Ocean: HegsethThe Supreme Court’s decision last month marked a major setback for Trump’s signature economic policy, striking down his global tariffs and triggering a complex legal battle as companies seek refunds of previously paid duties.The latest developments signal further recalibration of US trade policy and could have significant implications for global trade flows and export-driven economies, including India, as Washington navigates legal and policy challenges surrounding its tariff regime.Also Read: US says it has ‘full control’ of Iranian airspace, warns Iran’s missiles, bunkers to be targeted soon

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