US Plans to Raise Universal Import Tariff to 15% Following Supreme Court Ruling

US Treasury Secretary Scott Bessent indicated that the United States may raise its universal import tariff from 10% to 15% as early as this week, following a Supreme Court ruling that invalidated parts of the previous tariff framework. The new tariffs, imposed under Section 122 of the Trade Act of 1974, are authorized for 150 days, during which the administration plans to pursue investigations under other trade laws to potentially reinstate earlier tariff levels. Bessent expressed confidence that previous tariff rates could return within five months, citing robust legal authorities that have withstood numerous challenges.