On Wednesday, representatives of the Trump administration expressed that the expected enactment of a 15% global tariff may not take effect as previously anticipated. Instead, they indicated that the implementation of this tariff would be contingent upon the progress of bilateral trade agreements and other country-specific considerations. As a result, only the temporary tariffs of 10%, which came into effect recently, will remain active for the time being.

White House Chief Economist Kevin Hassett emphasized during a press briefing that the proposed increase to 15%, originally announced by Trump over the weekend, is still under discussion. This indicates a level of uncertainty surrounding the tariff, which will depend greatly on the outcomes of ongoing negotiations and existing trade agreements with various nations. The focus appears to be on ensuring a strategic approach to tariffs rather than implementing an across-the-board increase.

Additionally, U.S. Trade Representative Jamieson Greer informed Bloomberg News that President Trump is expected to sign an executive order in the coming days to increase the applied 10% tariff to the 15% level “where appropriate.” This move aims to maintain continuity in trade policies amidst the current legal challenges and negotiations that have emerged regarding reciprocal tariffs, showcasing the administration's approach to navigating complex international trade relations.