Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedPolicies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says
Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
On CNBC on Wednesday, a top Trump administration official indicated that the global tariff could increase to 15 percent this week, the maximum allowed under section 122 of the Trade Act of 1974. The administration used section 122 to implement a 10 percent tariff on imports from all countries after the Supreme Court struck down the president’s IEEPA tariffs.
Washington, D.C.—The global tariff rate will jump from 10 percent to 15 percent by the end of the week, a Trump administration official said.
U.S. Treasury Secretary Scott Bessent was a guest on CNBC’s “Squawk Box” on Wednesday, discussing the conflict in Iran, oil prices, and the state of the economy, as well as providing a brief update on tariffs.
When asked about President Donald Trump’s statement that he will raise the global tariff to 15 percent from its current 10 percent, Bessent said the increase would likely be implemented sometime this week.
The U.S. tax on imports has stood at 10 percent following the Supreme Court’s Feb. 20 ruling that the tariffs Trump implemented using the International Economic Emergency Powers Act (IEEPA) were illegal.
The IEEPA tariffs were terminated on Feb. 24, but the Trump administration immediately placed a 10 percent across-the-board levy in their place under section 122 of the Trade Act of 1974.
The provision empowers the president to impose temporary import duties of up to 15 percent to “deal with large and serious United States balance-of-payments deficits,” and Trump continually has indicated that he will increase tariffs to the maximum allowed.
Tariffs are allowed to remain in place under section 122 for 150 days, or about five months.
On Wednesday, Bessent said during the 150 days, the administration will be looking at implementing additional tariffs, mentioning specifically section 301 of the Trade Act of 1974, and section 232, a section of the Trade Expansion Act of 1962.
“It is my strong belief that the tariff rates will be back to their old rate within five months,” he said.
Related stories will be right here …
U.S. Treasury Secretary Scott Bessent was a guest on CNBC’s “Squawk Box” on Wednesday, discussing the conflict in Iran, oil prices, and the state of the economy, as well as providing a brief update on tariffs.
When asked about President Donald Trump’s statement that he will raise the global tariff to 15 percent from its current 10 percent, Bessent said the increase would likely be implemented sometime this week.
The U.S. tax on imports has stood at 10 percent following the Supreme Court’s Feb. 20 ruling that the tariffs Trump implemented using the International Economic Emergency Powers Act (IEEPA) were illegal.
The IEEPA tariffs were terminated on Feb. 24, but the Trump administration immediately placed a 10 percent across-the-board levy in their place under section 122 of the Trade Act of 1974.
The provision empowers the president to impose temporary import duties of up to 15 percent to “deal with large and serious United States balance-of-payments deficits,” and Trump continually has indicated that he will increase tariffs to the maximum allowed.
Tariffs are allowed to remain in place under section 122 for 150 days, or about five months.
On Wednesday, Bessent said during the 150 days, the administration will be looking at implementing additional tariffs, mentioning specifically section 301 of the Trade Act of 1974, and section 232, a section of the Trade Expansion Act of 1962.
“It is my strong belief that the tariff rates will be back to their old rate within five months,” he said.
Also this week, a federal judge ruled that companies that paid tariffs imposed under IEEPA are legally entitled to a refund, the first step in what’s guaranteed to be a drawn-out legal battle.
Senior Judge Richard K. Eaton of the U.S. Court of International Trade (CIT) issued the ruling Wednesday in a case brought by Atmus Filtration Technologies Inc., a Nashville, Tennessee-based company that makes filters.
He wrote, “Plaintiff’s entries are among the millions of entries that were entered subject to IEEPA duties, which the Supreme Court ruled unlawful … All importers of record whose entries were subject to IEEPA duties are entitled to the benefit of the [Supreme Court’s] decision.”
Eaton also noted that when ruling on Trump’s IEEPA tariffs, the Supreme Court gave the CIT exclusive subject matter jurisdiction to hear refund claims, and that Supreme Court Chief Justice John Roberts has indicated that Eaton is the only judge who will hear cases on IEEPA tariff refunds.
“So,” Eaton wrote, “there is no danger that another judge, even one in this court, will reach any contrary conclusions.
“To find otherwise would be to thwart the efficient administration of justice and to deny those importers who have filed suit the efficient resolution of their claims, and to deny entirely importers who have not filed suit the benefit of the [Supreme Court’s] decision.”
Editors' Picks
Sponsored by
More on Policies & Issues
The Latest
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
