US Treasury Secretary Scott Bessent said that President Donald Trump’s plan to increase a broad 10 per cent tariff rate to 15 per cent is likely to be implemented this week.
“That’s likely sometime this week,” Bessent said on Wednesday on CNBC in response to a question about when the increase to 15 per cent would be made.
Bessent’s comments offer the clearest indication yet regarding when the US will follow through on Trump’s pledge to raise tariffs.
The president last month imposed a 10 per cent universal levy after the Supreme Court invalidated most of his previous tariff regime, then quickly threatened to hike the rate to 15 per cent.
The administration, however, let the 10 per cent charge take effect without immediately increasing it.
US Trade Representative Jamieson Greer last week suggested the higher rate would not be universal. The European Union expects that it will not be subjected to the 15 per cent duty, given its framework trade agreement with Washington, according to people familiar with the matter.
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