The US Treasury announced President Donald Trump's plans to increase the global tariff to 15 percent this week. This follows the Supreme Court's decision that invalidated previous country-specific tariffs. The administration will utilize Section 122 of the Trade Act of 1974 for the increase and will continue investigations related to national security and unfair trade practices. The decision comes in response to legal setbacks in the prior tariff structure.
US Treasury chief Scott Bessent announced that President Donald Trump intends to increase the recently implemented global tariff to 15 percent this week. This follows a significant Supreme Court decision that invalidated Trump's prior country-specific tariffs. The move represents a swift response by the administration to regain control of its trade agenda after facing a major legal challenge.
Scott Bessent, Secretary of the Treasury, discussed the administration's strategy during an interview, highlighting the planned implementation of the raised tariff and the legal framework underpinning it. The administration aims to reinforce its trade policies, especially after the Supreme Court's ruling against the previous tariff strategy. This proactive approach reflects the administration's resolve to address trade imbalances and safeguard national interests. The president’s plans have emerged from the setback dealt by the highest court in the land, pushing the administration to quickly devise an alternative plan to maintain its desired trade posture. The renewed focus on tariffs underscores the administration's belief in employing trade measures as a tool to promote economic security and enforce fair trade practices. The use of tariffs remains a centerpiece of the administration’s strategy to impact international trade, and the intended changes mark a deliberate escalation in this approach. This decision also signifies the importance the administration places on swiftly adapting to the evolving legal landscape while pursuing its trade policy goals.\The new global tariff, initially set at 10 percent, is set to rise to 15 percent under Section 122 of the Trade Act of 1974. This section provides the legal foundation for the tariff, which can be in effect for a maximum of 150 days unless extended by Congress. During this time, the Trump administration will finalize several investigations concerning national security and unfair trade practices. Secretary Bessent emphasized the temporary nature of the increased tariff, stating his expectation for the rates to revert to previous levels within the five-month timeframe. He further underscored the robustness of the legal authority supporting these investigations, referencing their history of withstanding numerous legal challenges. These investigations are critical to the administration's broader trade policy objectives, and the forthcoming investigations aim to address specific concerns and promote a more level playing field for American businesses. The implementation of this strategy illustrates the government's strategic response to ongoing trade negotiations and its commitment to ensuring national economic security through the use of strategic tariffs and the investigations that underpin them. The use of Section 122, allows for a temporary response, providing the administration with the time it needs to address specific problems and to ensure long-term stability in the global trade environment.\The Supreme Court's ruling did not affect sector-specific tariffs or the tariffs previously imposed on countries like China. These tariffs, applied after thorough investigations, remain in effect. The administration continues to conduct investigations into various sectors, including imported pharmaceuticals, drones, and China's compliance with previous trade agreements. The invalidated tariffs, implemented using emergency economic powers after President Trump's return to the White House last year, generated over US$130 billion for the US government by late 2025. The Supreme Court's decision has triggered a complex legal battle over refunds. While the Trump administration attempted to delay the refund process, a US federal appeals court rejected this attempt, allowing the case to proceed in a lower court. This development adds another layer of complexity to the trade policy landscape, opening legal channels for those seeking refunds on tariffs deemed illegal. The administration's response showcases its intention to maintain trade leverage while navigating the legal ramifications of the Supreme Court's decision. This ongoing legal dispute highlights the long-term impact of trade policies and the importance of adapting to a constantly shifting legal and economic environment. The refund battle and continued sector investigations suggest the administration’s determination to refine its policies and strategies while working within legal and commercial parameters.
Please follow us on Google to support usDonald Trump Tariffs Trade Supreme Court US Economy
Singapore Latest News, Singapore Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
US Supreme Court blocks California privacy protections for transgender studentsBy Andrew Chung March 2 (Reuters) - The U.S.
Read more »
North Korea to Hold Supreme People's Assembly Elections Amidst Diplomatic SpeculationNorth Korea will hold elections for its national assembly on March 15th, according to state media, amid speculation about potential diplomatic talks with the US and a hardening stance towards South Korea. The elections are a key event in North Korea's political calendar.
Read more »
High Court Reduces Sentence of Hin Leong Oil Tycoon Lim Oon KuinThe High Court upheld Lim Oon Kuin's conviction but reduced his 17.5-year sentence to 13.5 years, citing his age and low risk of reoffending. The case involved fraud related to oil transactions, resulting in millions of dollars in loans disbursed based on forged documents.
Read more »
US court convicts Japanese yakuza for trafficking nuclear materialNEW YORK: A member of Japan's yakuza crime group was sentenced to 20 years in prison by a New York court on Tuesday (Mar 3) after being convicted of trafficking nuclear material as well as drugs and weapons.
Read more »
Hin Leong Founder O.K. Lim's Jail Sentence Reduced by High CourtThe High Court of Singapore reduced the jail sentence of Hin Leong founder O.K. Lim to 13.5 years. The original sentence of 17.5 years was deemed excessive given his age and restitution efforts. The case involved fraud related to fabricated oil sales contracts and the deception of HSBC.
Read more »
Tehran trying to swiftly appoint new supreme leader after Khamenei's deathThe state funeral for Iran's slain Supreme Leader has been postponed as Israel steps up strikes across the country. Tehran says it is trying to swiftly appoint a new Supreme Leader, with reports pointing to his son – Mojtaba Khamenei as one option.
Read more »