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
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
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.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
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.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
