Bessent says global 15% tariff starts this week, move back to prior rates within 5 months

Group 1 - The U.S. Treasury Secretary predicts that the recently announced 15% global tariff will be implemented soon and believes that tariff rates will revert to previous levels within five months [1][3] - Following the Supreme Court's invalidation of Trump's "reciprocal" tariffs, an executive order was signed to impose a global 10% duty, which was later increased to 15% [2] - The new tariffs, invoked under Section 122 of the Trade Act of 1974, can only last for 150 days unless Congress approves an extension [2][3] Group 2 - During the 150-day period, the U.S. Trade Representative and the Commerce Department will conduct trade-related studies that may lead to the imposition of additional tariffs [3] - The current tariff authorities have withstood over 4000 legal challenges, indicating their robustness despite being slower to implement [3]