US Could Raise Tariffs To 15% This Week, Old Rates May Return In Five Months

Last Updated:March 04, 2026, 20:00 IST

Scott Bessent said the Trump administration could raise the universal tariff to 15% this week, with previous tariff regimes expected to return within five months.

The US Treasury Secretary said Washington may soon increase the universal import tariff to 15%, while officials explore legal routes to restore earlier tariff structures within five months. (IMAGE: REUTERS)

The United States could raise its newly imposed universal import tariff from 10% to 15% as early as this week, Treasury Secretary Scott Bessent indicated.

Speaking to US broadcaster CNBC, Bessent said the proposed increase could be implemented soon as Washington adjusts its trade strategy following a recent ruling by the Supreme Court of the United States that struck down much of the administration’s earlier tariff framework.

“That’s likely sometime this week,” Bessent said when asked about the timeline for raising the universal tariff rate to 15%, according to the report.

President Donald Trump last month introduced a 10% universal levy on imports after the Supreme Court invalidated significant parts of his earlier tariff regime.

However, Bessent said the legal authority used to impose the new duties allows them to remain in place for only 150 days (five months). During that period, US officials are expected to explore alternative legal routes to reinstate the previous tariff structure.

“It’s my strong belief that the tariff rates will go back to their old rate within five months,” Bessent said.

He was referring to duties imposed under Section 301 of the Trade Act of 1974 and Section 232 of the Trade Expansion Act, which were used by the Trump administration to impose tariffs citing national security concerns and unfair trade practices.

Section 301 allows the US government to impose tariffs or other trade restrictions on countries found to be engaging in unfair trade practices, such as intellectual property violations or discriminatory policies that harm American businesses. The provision has been widely used to target imports from countries including China.

Section 232, meanwhile, permits the president to impose tariffs or quotas on imports that are deemed to threaten US national security. The provision has previously been used to justify tariffs on steel, aluminium and other strategic sectors.

The Section 122 law allows the president to impose temporary duties for up to 150 days to address “large and serious” balance-of-payments deficits and “fundamental international payments problems”.

Bessent’s Oil Market Outlook Amid West Asia Conflict

Meanwhile, as the conflict in West Asia raises concerns about disruptions to global energy supplies, Bessent said crude markets remain well supplied despite the tensions.

“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,” Bessent said.

“There are hundreds of millions of barrels on the water away from the Gulf. But more importantly, we have a series of announcements that we’re going to be making.”

He also pointed to the previously announced plan for the US government to provide insurance support for oil cargo ships when necessary, and for the US Navy to help ensure safe passage through the Strait of Hormuz.

US President Donald Trump on Tuesday said the United States Navy could escort oil tankers through the Strait of Hormuz if necessary, as concerns mount over energy supply disruptions amid the Iran war that have already rattled global markets.

“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD,” Trump said in a post on Truth Social.

Read More