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Posted on 03/04/2026 9:35:09 AM PST by thegagline
Treasury Secretary Scott Bessent said on Wednesday that an increase in President Donald Trump's new temporary global import tariff to 15% from 10% was likely to be implemented sometime this week.
The new tariff rate was announced by Trump in late February after the Supreme Court struck down his previous global tariffs under a national emergencies law. He initially imposed the 150-day tariffs under Section 122 of the Trade Act of 1974 at a lower 10% rate.
"That's likely sometime this week," Bessent said on CNBC of the 15% rate order from Trump.
During the 150 days, we will see studies from USTR on Section 301, tariffs from Commerce on Section 232," he said, referring to other tariff authorities that have withstood court challenges.
He said the effort to rebuild Trump's tariff program under these authorities would bring U.S. duty rates back to their prior levels within five months.
"They are slow moving, but they are more robust," Bessent said of the Section 232 national security-based tariffs and the Section 301 unfair trade practices tariffs.
(Excerpt) Read more at newsmax.com ...
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Promotes domestic industry and shrinks the budget deficit. What’s not to like?
The problem with tariffing China is an hour later you want to tariff them again.
Other than American consumers ultimately bearing between 37%-60% of the economic burden from the tariffs (Goldman Sachs etc).
As for “shrinking the budget deficit,” if recent history is any indication, our government overlords will figure out how to spend away any windfall. Case in point, a record national debt and Operation Epic (AIPAC) Fury will only add to it.
Tariffs are optional — dont buy and don’t pay. Everyone pays the same. The drug dealer, school teacher and the millionaire all pay the same. Tariffs are without a doubt the best way to protect US industry and to raise revenue. If you don’t get that then you are a stupid myopic fool.
So no automobiles, no television, no phones, almost no generic drugs, no computers, no internet ( modems, routers etc), no refrigerators, no ovens, no washers or dryers etc etc.
Real optional there, Sparky. This is my last communication with you as I don’t like to argue with the mentally infirmed.
So true! 😂
does this tarriff replace the tarriffs the supreme court banned or does it come on top of other tarriffs?
A beatdown to the foreign governments who paid for the lawsuit/justices that they thought they bought.
Big time.
The tariffs that were struck down were predicted primarily on the IEEPA. The money collected will probably have to be returned to the importers but not the consumers who bore much of the economic responsibility/burden of the tariffs.
The current imposition of tariffs is based upon Trade Act of 1974.
The current imposition of tariffs is based upon Trade Act of 1974.
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thanks for your thoughts but I’m not talking about the legality of the new tarriffs.
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