The US will raise additional import taxes to 15% this week

In an interview with CNBC On March 4, US Treasury Secretary Scott Bessent said an additional 15% import tax would take effect “sometime this week”.

Bessent also forecasts that by August, US import taxes will return to the level before the Supreme Court ruled. “I strongly believe that taxes will return to their previous levels within five months,” Bessent said.

On February 20, the US Supreme Court rejected US President Donald Trump’s import tax policies based on the International Emergency Economic Powers Act (IEEPA). The court affirmed that Mr. Trump exceeded his authority when doing this.

Mr. Trump in April 2025 invoked IEEPA to impose reciprocal tariffs on most trading partners to reduce the deficit. Previously, he also used IEEPA to impose separate taxes on China, Canada and Mexico to prevent drug trafficking into the US.

In response to the Court’s ruling, Mr. Trump signed an executive order imposing an additional 10% import tax on February 20. A day later, he announced that he would raise this tax to 15%.

The new tariffs invoke authority under Article 122 of the Trade Act of 1974. The act allows the President to impose a maximum tariff of 15% for up to 150 days to address America’s “large and serious balance of payments deficit.” After the 150 days expire, the tax extension must be approved by Congress.

From 0:01 on February 24 (US time), goods imported from countries to the US began to be subject to a temporary tax of 10%. US Customs and Border Protection (CBP) also stopped collecting taxes related to IEEPA.

In an interview on March 4, Bessent confirmed that within 150 days, the Office of the US Trade Representative and the US Department of Commerce will complete trade-related studies, thereby allowing them to impose additional import taxes. “The new tax will be based on authorities that have survived legal challenges. Things are progressing more slowly, but more firmly,” he said.