Under the law currently being used to impose duties, 15% is the maximum tariff that can be charged

Treasury Secretary Scott Bessent said that tariffs will rise to 10% this week, up from the 10% global tariff imposed by President Donald Trump.

Under the law currently used to impose duties, the maximum levy can be 15%.

The law limits the tariffs to 150 days, which Bessent described as a temporary window for the administration to craft new legal grounds to reinstate the earlier tariffs.

Speaking on CNBC’s Squawk Box, Bessent said he expects tariff rates to be restored to their previous levels within five months.