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President Trump’s threat to raise global tariffs to 15% from the current 10% rate could kick in this week, according to Treasury Secretary Scott Bessent.
Bessent told CNBC on Wednesday that the White House was looking to implement 15% tariffs “sometime this week.”
The president’s new 10% tariffs under Section 122 of the Trade Act of 1974 allow the president to impose tariffs of up to 15% for up to 150 days to address trade deficits. After 150 days, Congress would need to approve any extension.
During that time, the administration is exploring other laws to implement levies, with Bessent saying that he expects tariff rates to “be back to their old rate within five months.” Trump’s top trade adviser said US duties could exceed 15% for certain countries “where appropriate.”
Trade policy has been marked by uncertainty since the Supreme Court’s decision to invalidate Trump’s most sweeping global tariffs and the president’s new 10% blanket tariff went into effect.
Germany’s Chancellor Friedrich Merz met with Trump in Washington on Tuesday in an effort to smooth over trade tensions after the European Union halted the ratification of its trade deal with the US, saying it needs “full clarity” on Trump’s next steps before proceeding.
Meanwhile, more than 1,000 companies, including well-known names like Costco (COST) and FedEx (FDX), have filed lawsuits seeking refunds for the illegal tariffs they paid. However, the process to recoup costs looks murky and could take years to play out.
In recent weeks, Trump has also made plans to roll back some tariffs on metals as he and his administration seek to battle an affordability crisis ahead of the midterm elections.
Read more: What Trump promised with his ‘Liberation Day’ tariffs — and what he delivered
LIVE 188 updates
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Elizabeth Warren slams Trump’s effort to delay tariff refunds as a ‘theft in broad daylight’
The Democrats are not impressed with the Trump administration’s latest statement that the process for tariff refunds will be a long one, with midterm elections on the way this could become an election issue.
Senator Elizabeth Warren, the Massachusetts Democrat, has written to President Trump, saying the administration “has a responsibility to do everything in its power to ensure that it returns the money it illegally took from the American people.”
Yahoo Finance’s Ben Werschkul reports on the latest around Trump tariff refunds.
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Treasury Secretary Scott Bessent told CNBC that President Trump’s global tariff increase to 15% would likely be implemented “sometime this week.”
Last month, the White House imposed a 10% global tariff using a different authority than the one the Supreme Court invalidated. The new Section 122 tariffs are limited to 150 days, during which the US government is expected to explore ways to implement its tariffs similar to the illegal IEEPA ones.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.
The 15% tariff rate would replace the 10% tariff in place, according to President Trump’s Truth Social post that followed the Supreme Court decision.
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Japan, US aim to add nuclear power project to $550B investment package
The US and Japan are working on a nuclear power project as part of the second round of deals, which fall under Japan’s $550 billion investment package, according to a report in Reuters on Wednesday.
The two nations agreed to a trade deal last year, where Japan pledged to invest over $500 billion into the US. The nuclear power project will involve Westinghouse and is designed to strengthen both countries’ energy supply chains as war in the Middle East renews concerns about energy security.
Reuters reports:
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New York Fed’s Williams: US businesses and consumers have paid for tariffs, pushing up inflation
Yahoo Finance’s Jennifer Schonberger reports:
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German Chancellor Merz to meet with President Trump
Germany’s leader, Friedrich Merz, arrived in the US on Tuesday and will meet with President Trump to discuss a number of issues, including trade and the conflagration of hostilities in the Middle East.
The trip was originally planned with trade at the top of the agenda, as Merz was expected to discuss the Trump administration’s tariff plans after the Supreme Court struck down the president’s blanket tariffs at the end of February.
EU leaders are seeking assurances that US tariffs will not exceed the 15% cap they agreed to in a framework deal last August, after Trump imposed new 10% global tariffs under a different authority and threatened to raise them to 15%. Those tariffs, when added to preexisting tariffs, could push the rates for some European exports above 15%.
The European Union has delayed the ratification of the US trade agreement, potentially testing Trump’s patience, on the grounds that the Supreme Court decision has injected some fresh uncertainty into transatlantic trade.
Merz is coming off a recent trip to China, where he criticized some of China’s trade policies but praised the alliance between the two countries.
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Sportswear brand On sees possible boost from lower US tariff rate
Reuters reports:
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Tariff-refund seekers flock to a little-known US court with big-case experience
A little-known US trade court is now tasked with determining whether refunds will be dealt to hundreds of companies seeking their share of the $130 billion paid in illegal tariffs after the Supreme Court struck them down.
Reuters reports:
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Europe tests Trump’s short fuse with delays on US trade deal
Bloomberg reports:
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Farmers continue to grapple with Trump tariffs’ uncertainty
Following the Supreme Court’s decision striking down many of President Trump’s tariffs as illegal, farmers in the US are riding the latest wave of uncertainty, Bloomberg reports:
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Lowe’s CEO says he’s not ‘factoring in’ a tariff refund
Yahoo Finance’s Brooke DiPalma reports that, unlike other companies, such as Costco (COST), Goodyear (GT), and Prada (PRDSF), that sued the administration to preserve their right to a refund, Lowe’s CEO Marvin Ellison said the company did not file and that it is “just too early to speculate about a refund.”
“What I will tell you is that when I talk to my legal team, there are quite a few maneuvers that the administration can take to prevent a refund from being a reality in the near-term, and so we’re not sitting back factoring in that we’re going to receive a refund,” he said.
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FedEx says it will return to customers any refunds it gets back from Trump’s illegal tariffs
Associated Press reports:
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US may have to pay over $160B in tariffs refunds as companies start to sue
Over 900 companies have sued the US due to President Trump’s “Liberation Day” tariffs, which were struck down by the Supreme Court last Friday. This latest legal action is raising pressure on the Trump administration, who may have to issue refunds of more than $160 billion.
The FT reports:
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US commerce secretary, India minister discuss trade days after Trump’s tariffs are struck down
The US and India discussed trade on Thursday, the first meeting between the two sides since the Supreme Court struck down President Trump’s tariffs last week Friday.
Reuters reports:
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Trump tariff turmoil yet to dent emerging countries’: EBRD
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India holds line on Russian oil with Trump’s tariffs in question
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Greer: US tariff rate will rise to 15% for some countries but ‘accommodate’ those with deals
Some more comments from US Trade Representative Jamieson Greer, per Reuters:
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Shoemaker Steven Madden withholds profit forecast on tariff uncertainty
Steve Madden’s (SHOO) stock fell 5% on Wednesday after the shoe and handbag maker withdrew its 2026 earnings forecast due to tariff uncertainty, in the first sign of chaos since the Supreme court shut down President Trump’s tariffs last week Friday.
Reuters reports:
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US trade representative: US aims to keep tariffs on China where they are
The White House will seek to keep levies on China at the levels set before the Supreme Court decision striking down large swaths of President Trump’s tariff regime, US Trade Representative Jamieson Greer said Wednesday morning.
In comments to Fox Business, Greer said the US is aiming to maintain its tariffs of 35% to 50% on goods from China — now using alternative methods.
“We expect that level to remain in place. We don’t intend to escalate beyond that,” Greer said Wednesday morning. “We intend to really stick to the deal that we had before.”
On Friday, the Supreme Court ruled that the president’s use of the International Emergency Economic Powers Act (IEEPA) to impose wide-ranging tariffs on foreign nations was illegal.
The White House has instituted a temporary 10% global levy since the ruling, and Greer said Wednesday morning that the US will soon be announcing a bump-up to 15% on its temporary 150-day global tariff. The administration is expected to use that window to implement new measures under other legislative authorities, such as the Trade Act’s Sections 301 and 232.
President Trump will head to Beijing for a meeting with Chinese leader Xi Jinping at the end of March, where the leaders of the world’s two largest economies are expected to discuss trade deals.
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China says it has met US trade obligations, warns against more tariffs
China announced on Wednesday that it has already met all of its US trade obligations, even as the US threatens new tariffs following further investigations.
Reuters reports:
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China’s $112B cargo gap shows record US tariff evasion
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