The US Treasury Secretary announced that the US's 15% tariffs on global goods are expected to take effect this week.

On March 4th local time, U.S. Treasury Secretary Scott Benet expressed that the new 15% "global import tariff" is expected to officially take effect at some point this week. Benet stated that this new tariff rate was decided by U.S. President Trump last month. On February 20th, the U.S. Supreme Court ruled that the Trump administration lacked clear legal authorization for the large-scale tariff measures implemented under the International Emergency Economic Powers Act. That day, the Supreme Court Justices upheld the lower court ruling by a vote of 6-3, determining that Trump's use of the International Emergency Economic Powers Act to implement tariff policies exceeded his statutory authority. The Supreme Court reached this conclusion in lawsuits brought by businesses and 12 states in the U.S. These businesses and states believed that Trump's unilateral imposition of import taxes based on this law was unprecedented. After the ruling was announced, Trump announced on February 20th that he would instead impose a "global import tariff" of 10% for 150 days, replacing the tariffs deemed illegal by the Supreme Court, citing Section 122 of the Trade Act of 1974. Later on the 21st, U.S. President Trump announced on his social platform "True Social" that he would raise the import tariff rate from 10% to 15% for global goods.