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.”
More on Policies & Issues
The Latest
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
TrendsMar 05, 2026
Caitríona Balfe Fronts Only Natural Diamonds CoverThe “Outlander” star modeled for the digital cover of the magazine’s spring issue, which features a story on her relationship with jewelry.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMar 05, 2026
Registration Opens for CIBJO Centenary CongressThis year’s annual congress, which will mark the confederation’s 100th anniversary, will take place this fall in Italy.
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
SourcingFeb 27, 2026
South African Diamond Mine Closes Amid Search for Missing WorkersOwners of the Ekapa Mine reportedly filed for liquidation about a week after a mudslide trapped five workers who have yet to be found.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
