Higher tariffs are on the way. Treasury Secretary Scott Bessent said Wednesday that President Donald Trump plans to rebuild his tariff wall within five months using alternative laws.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said in an interview on Wednesday on CNBC’s “Squawk Box.”
Bessent also noted that Trump’s proposed 15% global tariff could be implemented as soon as this week. This move comes in response to the U.S. Supreme Court’s recent decision, which struck down most of Trump’s previous tariffs under the 1977 International Emergency Economic Powers Act. In the aftermath, Trump first imposed a 10% global tariff and then announced plans to increase it to 15%.
The 10% rate went into effect last week, but Bessent said the 15% rate could be implemented “sometime this week.”
Last month, the Supreme Court ruled that the International Emergency Economic Powers Act does not grant the president broad authority to impose tariffs, reaffirming that only Congress has the power to do so. In response, Trump stated he will seek alternative legal grounds to reimpose tariffs following the ruling.
So far, Trump has established a 10% global tariff on imports, with some exceptions. The duty applies to imported articles from every country for 150 days under Section 122 of the Trade Act of 1974.
The president is now working to salvage trade agreements made with foreign nations last year, following his announcement of reciprocal tariffs on every U.S. trading partner in April 2025. Tariffs have become a central policy focus of Trump’s second term in office.
Trump has used tariffs to support major promises since returning to the White House in 2025, such as a proposed $2,000 tariff rebate check for all but the wealthiest Americans. He has also claimed tariffs could fund increased military spending, replace income taxes, and reduce the federal government’s $38.7 trillion debt. However, tax watchdogs have warned that tariff revenues are unlikely to cover the cost of these initiatives.
U.S. Customs and Border Protection reported it assessed $253.3 billion in tariffs, taxes, and fees since Jan. 20, 2025. The Penn Wharton Budget Model projected that the Supreme Court’s tariff ruling would generate up to $175 billion in refunds.
Recent research indicates that Americans are shouldering the cost of Trump’s tariffs. In 2025, Trump raised import duties to their highest level in over a century, applying at least a 10% tariff to every U.S. trading partner. Although Trump asserted that foreign businesses and countries would pay these tariffs, studies suggest otherwise.
Multiple studies have found the opposite: U.S. businesses and consumers are bearing the brunt of Trump’s tariffs. A Federal Reserve Bank of New York report, the Kiel Institute for the World Economy, and a December 2025 Duke University study all concluded that Americans are paying nearly the entire cost of tariffs.
The Yale Budget Lab estimated Section 122 tariffs could cost the average U.S. household $600 to $800 annually.
