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.”
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