In a recent statement, US Treasury Secretary Bessent confirmed that President Donald Trump's new global tariff of 15 percent will be implemented this week. This announcement comes in the wake of a Supreme Court ruling which overturned several of Trump's previously established tariffs, deemed illegal. Bessent's remarks were made during an interview with CNBC's 'Squawk Box' where he expressed optimism that the previous tariff rates would be reinstated within a five-month period.

The implications of this new tariff are significant, as they impact international trade and may affect various economies around the world. The 15 percent tariff is expected to apply globally and comes after a strong legal pushback against Trump's earlier tariffs, which were positioned as necessary due to a 'national crisis.' The Supreme Court's unanimous decision to invalidate those tariffs indicates a clear message regarding the limits of presidential authority in trade matters.

The announcement highlights the volatile nature of US trade policy and raises questions about its future direction under the current administration. Observers are keen to see how international markets will react to this temporary measure and whether the anticipated reversion to prior tariffs will come to pass. The shifting landscape of tariffs poses challenges for global trade relations and may influence diplomatic discussions as countries adjust to potential changes in their trade dealings with the US.