U.S. Treasury Secretary Scott Bessent said that the White House would be implementing President Donald Trump’s 15 percent global tariff this week.
Under Section 122 of the Trade Act of 1974, the current 10 percent tariff could be raised to 15 percent for up to 150 days to address trade deficits. After that time, congressional approval would be required to extend them.
President Trump’s administration continues to explore the laws and statutes that allow the president to impose levies after the U.S Supreme Court ruled that the International Emergency Economic Powers Act did not authorize the broad latitude for the tariffs he implemented last year. Secretary Bessent indicated that he expected the tariff rates would return to the rates they were before the high court’s ruling within five months.
As the Lord Leads, Pray with Us…
- For Secretary Bessent and the president’s trade team as they implement tariff policies.
- For wisdom for President Trump as he imposes tariffs under various laws and statutes.
- For the justices of the Supreme Court as they hear and rule on challenges to the president’s orders.
