Higher tariffs likely this week, says US Treasury

US Treasury Secretary Scott Bessent said the US was "likely" to implement a 15% global tariff this week following conflicting statements from President Donald Trump about the rate.

The new tariff is intended to replace the sweeping global import taxes Trump imposed last year but were recently struck down by the Supreme Court.

The contradiction sparked widespread global confusion at the time, with businesses and world leaders calling for clarity.

White House officials have previously said they were working on paperwork to align the duties with Trump's statements.

They have dismissed the significance of the court ruling, saying they can use other legal tools to restore the tariff policies, which they say will help rebalance trade, boost American manufacturing, and pay down US debt.

To impose the 10% tariff, the White House used an untested trade authority known as Section 122, which authorises the US president declare a tariff of up to 15% without Congress approval for 150 days in certain conditions.

The White House has said it will also turn to other legal tools as it seeks to restore its tariff regime more permanently.

"It's my strong belief that the tariff rates will be back to their old rate within five months," Bessent told CNBC.

Significant questions remain about what US import tax policies will look like going forward.

The move to an across-the-board tariff of 10%, with carve-outs for some kinds of goods, had already reset the competitive landscape, putting shipments from all countries on even footing.

That had removed the advantage that some countries such as the UK had hoped to secure by negotiating tariff deals with the Trump administration.

The other legal tools the White House is considering, known as Section 301 and Section 232, allow the US to impose tariffs in response to unfair trade practices and national security threats, respectively.

Those kinds of tariffs typically target specific countries or industries.

But they require the White House to follow certain procedures, including laying out a case with an investigation and providing businesses with set notice and comment periods.