Trump’s 15% global tariffs to go into effect this week: Treasury Sec

Bessent told CNBC’s Squawk Box that he expects US tariff rates to fall back to where they stood before the Supreme Court ruling. The global tariff rate currently sits at 10 percent. "It’s my strong belief that the tariff rates will be back to their old rate within five months," Bessent said.

The Supreme Court ruled in February that IEEPA does not authorize a president to issue tariffs. Chief Justice John Roberts wrote for the court, "the Government reads IEEPA to give the President power to unilaterally impose unbounded tariffs and change them at will. That view would represent a transformative expansion of the President’s authority over tariff policy. It is also telling that in IEEPA’s half-century of existence, no President has invoked the statute to impose any tariffs, let alone tariffs of this magnitude and scope."

In the wake of the ruling, Senate Democrats have brought forth legislation that would require full refunds of the tariffs that were struck down. Senate Finance Committee Ranking Member Ron Wyden said, "Trump’s illegal tax scheme has already done lasting damage to American families, small businesses and manufacturers who have been hammered by wave after wave of new Trump tariffs. Senate Democrats will continue fighting to rein in Donald Trump’s price-hiking trade and economic policies. A crucial first step is helping people who need it most, by putting money back in the pockets of small businesses and manufacturers as soon as possible."

Small Business Committee Ranking Member Edward J. Markey said, "Trump’s illegal tariff taxes cost small businesses, consumers, and families up to $175 billion. That money must be repaid immediately. For small businesses with little to no resources, this refund process can be extremely difficult and time consuming. That is why I am proud to introduce the Tariff Refund Act with Senators Wyden and Shaheen. Our bill would require the tariffs to be refunded and level the playing field—putting small importers and small businesses first in the refund process and eliminating needless administrative barriers. It’s Main Street and working families that paid Trump’s tariff taxes, and we must ensure they get their money back—not big corporations."