A 15 percent US tariff on goods from around the world is expected to take effect this week. This is according to US Treasury Secretary Scott Bessent, according to Reuters news agency.
This comes after the US Supreme Court ruled that the increased tariffs that Trump imposed last year were illegal. This prompted Trump to announce a new global tariff of 10 percent, but later said he would raise it to 15 percent. The first announced global tariff of 10 percent came into effect at the end of February.
In 2025, Trump imposed punitive tariffs on goods from a wide range of countries using the International Emergency Economic Powers (IEEPA) law. The law is designed for national emergencies.
However, according to the country's Supreme Court, the law did not give the president the authority to impose increased tariffs broadly. According to the US Constitution, it is Congress - and not the president - that has the authority to impose tariffs and regulate US trade with foreign countries.
The new tariffs that the president announced after the Supreme Court ruling are based on other provisions. Scott Bessent tells CNBC that he expects tariffs to return to the levels that were before the Supreme Court ruling.
- It is my strong belief that tariffs will be back to their old levels within five months, says Bessent.
/ritzau/
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