Treasury Confirms Section 122 Tariff Increase to 15% Expected This Month
Treasury Secretary Bessent confirmed the Section 122 global surcharge will rise from 10% to 15% (the statutory maximum), though no formal implementing order had been issued as of the update.
Treasury Secretary Bessent confirmed the Section 122 global surcharge will increase from 10% to 15% (the statutory maximum). The President announced the increase on Feb 21 via social media, but as of this update no formal implementing order had been issued. Bessent also stated tariff rates would return to pre-SCOTUS levels within five months using other authorities.
Why it matters
A 15% floor raises landed costs across nearly all non-exempt imports. Importers quoting prices or planning inventory should model both the 10% and 15% scenarios until the formal order is published. The surcharge still expires July 24 unless Congress extends it.
Watchouts
No formal order issued yet; monitor the Federal Register. USMCA-qualifying goods and Section 232 products remain exempt. 24 states have filed suit to block Section 122 tariffs.