The United States could increase its recently introduced universal import tariff from 10% to 15% as early as this week, Treasury Secretary Scott Bessent has indicated, signalling another potential shift in global trade policy under President Donald Trump.
Speaking in an interview with CNBC, Bessent said the higher tariff rate could be implemented soon as the administration looks to stabilise its broader trade strategy following a legal setback to earlier duties.
“That’s likely sometime this week,” Bessent said when asked about the timing of the proposed increase to 15%.
10% universal tariff
Last month, the Trump administration imposed a 10% universal tariff on imports after the US Supreme Court struck down a significant portion of the president’s earlier tariff framework. The ruling forced the administration to rely on alternative legal authorities to maintain trade barriers while officials work to rebuild the broader tariff regime.
Bessent explained that the legal authority currently being used to support the universal tariffs allows them to remain in place for only 150 days. During that window, US trade officials are expected to develop a more durable framework to replace the measures that were invalidated by the court.
“It’s my strong belief that the tariff rates will go back to their old rate within five months,” Bessent said.
US trade law
According to the treasury secretary, the administration intends to restore tariffs using other provisions of US trade law, particularly Section 232 and Section 301. These mechanisms allow Washington to impose duties on imports on grounds of national security concerns or unfair trade practices.
Bessent noted that although these legal pathways move more slowly, they are likely to provide a stronger and more permanent basis for the tariff structure.
“They are slow moving, but they are more robust,” he said, referring to the Section 232 national security tariffs and the Section 301 tariffs used to address unfair trade practices.
The Supreme Court’s decision last month marked a major challenge to one of Trump’s signature economic policies, striking down broad global tariffs and opening the door for businesses to pursue legal action seeking refunds on duties they previously paid.
The evolving tariff framework could have implications for global trade flows and export-oriented economies, including India, as Washington recalibrates its trade strategy.
Bessent also addressed developments in global energy markets during the interview, urging observers to focus on underlying supply conditions rather than short-term geopolitical noise.
“I would encourage everyone to look through the noise and see where we are going on the other side of this in terms of the crude markets — the crude markets are very well supplied,” he said.
He added that significant oil volumes remain available globally, noting that hundreds of millions of barrels are currently in transit outside the Gulf region.
Additional measures for oil
The US government is also considering additional measures to safeguard oil shipments, including providing insurance for cargo vessels and deploying the US Navy to ensure safe passage through the Strait of Hormuz.
Bessent pointed out that China could face significant vulnerability if oil flows from the Persian Gulf are disrupted, as more than half of its energy supplies originate from the region.
“They’ve probably been buying about 95% of the Iranian crude. That’s obviously on hold right now,” he said.
The treasury secretary also declined to elaborate on reports that the Trump administration is considering a possible trade embargo on Spain, saying such a decision would involve coordination across multiple government agencies.
