The U.S. plans to raise its newly imposed global tariff from 10% to 15% this week, following a Supreme Court ruling against the legality of reciprocal tariffs.
The U.S. government announced it will increase the newly imposed global tariff from 10% to 15% within this week, after a Supreme Court decision deemed the reciprocal tariff illegal. U.S. Treasury Secretary Scott Vescent indicated during a CNBC interview that the increase is expected at some point this week, as part of ongoing assessments regarding trade laws and tariffs.
Previously, in response to the Supreme Court ruling, President Trump had signed an executive order imposing a 10% global tariff under Trade Law Section 122. Following this decision, the U.S. is now raising the tariff percentage, with Vescent stating that studies related to Section 301 of the Trade Act and Section 232 of the Trade Expansion Act will also be reviewed during this period of enforcement. This announcement solidifies an increase that Trump had initially foreshadowed.
Furthermore, Secretary Vescent expressed confidence that within five months, the tariff rates would revert to levels prior to the Supreme Court's ruling, suggesting that the administration believes in the future stability of these measures. This development is critical as it reflects the U.S. government's ongoing approach to international trade negotiations and its efforts to adjust tariffs within a complex legal framework.
