Treasury Secretary Scott Bessent confirmed implementation of 15% global tariff this week
Previous Trump tariffs were invalidated by Supreme Court ruling on IEEPA authority
Bessent predicts tariff rates will return to previous levels within five months
The administration is recalibrating trade policy following legal challenges
📖 Full Retelling
Treasury Secretary Scott Bessent announced on Wednesday that President Donald Trump's newly implemented 15% global tariff will commence this week in the United States, following the Supreme Court's recent ruling that invalidated the previous expansive tariff measures under the International Emergency Economic Powers Act (IEEPA). In an interview on CNBC's 'Squawk Box,' Bessent provided clarity on the administration's tariff strategy, stating that while the new 15% tariff would be implemented immediately, he strongly believes that U.S. tariff rates will effectively return to their previous levels within five months. This development comes after the Supreme Court last month determined that Trump's sweeping global tariffs exceeded the legal authority granted by IEEPA, prompting the administration to recalibrate its approach to international trade policy. The Treasury Secretary's comments suggest a temporary measure rather than a permanent shift, potentially aiming to balance the administration's trade objectives with legal constraints while Congress considers broader trade legislation.
In most legal jurisdictions, a supreme court, also known as a court of last resort, apex court, high (or final) court of appeal, and court of final appeal, is the highest court within the hierarchy of courts. Broadly speaking, the decisions of a supreme court are binding on all other courts in a nat...
The International Emergency Economic Powers Act (IEEPA), Title II of Pub. L. 95–223, 91 Stat. 1626, enacted December 28, 1977, is a United States federal law authorizing the president to regulate international commerce after declaring a national emergency in response to any unusual and extraordinary...
Head of the United States Department of the Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matte...
