US to raise global import tariff to 15% this week

US Treasury Secretary Scott Bessent said on March 4, 2026 that President Donald Trump’s plan to raise a worldwide import tariff from 10% to 15% is likely to be implemented within this week, telling CNBC there is a strong possibility it will happen during the week.

The plan follows the Supreme Court’s ruling that Trump’s earlier “reciprocal” tariff measures were unlawful.

After the court decision in February, Trump invoked Section 122 to impose a global import tariff at 10%, and later said the rate would be increased to 15%.

Section 122 of the Trade Act of 1974 allows a US president to impose an import surcharge of up to 15% for no more than 150 days, in situations where the country faces a crisis linked to international payments, such as balance-of-payments or currency pressures.

Bessent noted that the authority used for the new tariff package lasts only 150 days, and during that period US trade agencies will consider using other laws to restore tariff measures that had been used before the Supreme Court decision.

“I strongly believe the tariff rates will be back to their old rate within five months,” Bessent said.

He added that the administration is preparing to use Sections 301 and 232 as replacements for the reciprocal tariffs that had been announced under IEEPA. He said those routes may take longer, but are more robust and more sustainable.

The Supreme Court previously ruled that the Trump administration could not rely on IEEPA to impose broad reciprocal tariffs, because that law does not directly grant the president authority to set import duties.

The decision pushed the US government to quickly find other legal frameworks to support new tariffs. Officials are looking at Section 301, which targets unfair trade practices by foreign countries, and Section 232, which permits import limits on national security grounds, to rebuild the tariff system Trump had used previously.