• US Treasury Secretary Scott Bessent states a 15% global tariff is likely to start this week.
• The tariff adjustment follows the Supreme Court's ruling that invalidated previous tariffs.
• Current tariffs will be in place for 150 days unless Congress intervenes.

US Treasury Secretary Scott Bessent announced that the Trump administration is likely to implement a 15% global tariff this week, following a series of legal setbacks that have prompted a reshaping of trade policies. This change comes after the Supreme Court struck down several country-specific tariffs that were part of Trump's initial strategy, creating confusion in global trade dynamics. Bessent remarked, "That's likely sometime this week," signaling a swift shift toward the higher tariff rate under the provisions of Section 122 of the Trade Act of 1974, which allows such measures for a limited time without congressional approval, according to BBC, Channel News Asia, and SCMP.

Bessent clarified that the new tariff is intended to replace the 10% tariff that was recently imposed to maintain some continuity in the U.S. trade agenda. This decision, indicated Bessent, would also involve ongoing investigations related to unfair trade practices and national security concerns. "It's my strong belief that the tariff rates will be back to their old rate within five months," he stated, emphasizing the robustness of the legal authorities available for imposing tariffs, which have historically survived numerous legal challenges, according to Channel News Asia, BBC, and SCMP.

The recent legal defeat for the Trump administration has added pressure to redefine its trade framework, with Bessent confirming that the current tariffs will remain effective for up to 150 days while investigations lay the groundwork for further actions targeted at specific sectors. This element of deliberation is crucial as the administration braces for potential complications arising from the earlier announcement of trade policies that had been invalidated, which generated significant revenue for the government, according to Channel News Asia, BBC, and SCMP.