Bessent says Trump’s new 15% global tariff starts this week
NY Post
Treasury Secretary Scott Bessent said Wednesday that President Donald Trump’s newly announced 15% global tariff will take effect this week, as the administration moves to restore duties after a Supreme Court ruling struck down a key part of the president’s trade agenda.
Speaking on CNBC’s morning show “Squawk Box,” Bessent said the administration expects tariff rates to return to earlier levels within months.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent told CNBC on Wednesday morning.
The comments come after the Supreme Court invalidated Trump’s sweeping “reciprocal” tariffs, forcing the White House to pivot to a different legal authority to maintain the levies.
Hours after the ruling, Trump signed an executive order imposing a 10% global tariff under a separate statute.
The following day, the president said he would raise that new tariff rate to 15%, saying the increase would be “effective immediately.”
US stocks were little changed on Tuesday as oil prices dropped after President Trump signaled the war in Iran will be limited – though the drop slowed after the White House walked back a claim that an oil tanker had been escorted through an Iranian energy chokepoint.
After nearly 50 years in Orange County, Yamaha Motor Corp. USA is packing up its headquarters — trading Cypress, California for Kennesaw, Georgia in a sweeping corporate shift that will impact about 250 workers.The motorcycle and motorsports giant says the move is part of major “structural reforms” meant to boost profits as costs climb — including pressure from tariffs imposed during the administration of President Donald Trump and shifting market conditions.
Southern California’s luxury shopping landscape is shrinking as three high-end department store locations prepare to shut their doors.
Stocks went on a rollercoaster ride Monday — with the Dow finishing in positive territory on upbeat comments from President Trump after plunging nearly 900 points on simmering stagflation fears.
Private equity firm KKR is working with advisers on a sale of data center cooling company CoolIT Systems for a price tag potentially exceeding $3 billion, the Financial Times reported on Sunday, citing people familiar with the matter.
John Tatum is one of the most plugged-in businessmen I know, and yet when the bombs started flying over his hotel room in downtown Doha — just a few minutes from the embattled US military facility in Qatar — he was stranded and helpless.
Morgan Stanley’s surprise round of layoffs this past week was the result of “shifting business and location priorities,” and “individual job performance” issues here and abroad, according to the firm’s flacks.
Saks Global said Friday it was closing 15 more stores as the luxury retailer, which filed for bankruptcy earlier this year, tries to cut losses and focus on more profitable, higher-end locations.
Bars and eateries are adapting to the Ozempic era by offering mini cocktails.
Six Flags Entertainment will sell off seven of its amusement parks in the United States and Canada to EPR Properties, the company announced Thursday.
A pair of baby-faced Goldman Sachs bankers could be fired over flashy photo shoots and interviews they gave for an “unauthorized” spread in a trendy New York magazine, The Post has learned.
Ex-Fox News host Tucker Carlson took a major hit last week when a multimillion-dollar load of his ALP nicotine pouches vanished in a hijacking in Los Angeles. Now he’s offering a financial windfall to whoever tracks them down or the people responsible.