US Treasury Secretary Predicts Tariff Hike to 15%, Rates to Return to Earlier Levels Within Five Months

US Treasury Secretary Scott Bessent claimed on Wednesday that the world would face yet another tariff hike ‘this week’. President Donald Trump had announced a 15% global levy last month after the Supreme Court struck down his sweeping ‘reciprocal tariffs’. Bessent also predicted that the rates would return to earlier levels “within five months”. “That is likely sometime this week (15% tariffs). During the ⁠150 days, we will see studies from USTR on Section ⁠301, ‌tariffs from Commerce on ​Section 232. It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent told CNBC. The United States had announced a 10% global tariff at the end of February — ending nearly a week of confusion following a major legal setback. A furious Trump had announced a 10% tax hours after the US Supreme Court verdict deemed his sweeping reciprocal tariffs illegal. He hiked the figure to 15% a day later without releasing any official confirmation. A notice from the US Customs department had later clarified that goods not covered by exemptions would face a 10% tax rate despite the claims made by Trump. The White House had also shared the details on its website after making the initial 10% announcement — calling his proclamation a “temporary import surcharge to address fundamental international payments problems”. Despite recurring assertions from Trump (and now Bessent) there has been no official confirmation about the rollout of 15% tariffs. .