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US Tariffs May Rise Soon, Treasury Says
Scott Bessent leads the US Treasury Department. He said the US will likely raise tariffs on imports this week.
Current tariffs are at 10 percent. Last month, the Supreme Court blocked Trump's tariff plan.
The court said Trump lacked legal power to raise tariffs alone. The court's ruling had reduced tariffs to 10 percent. Bessent said tariffs will rise back to old levels in five months.
Klear Note — Tariffs are taxes on goods from other countries. Higher tariffs make foreign products cost more in stores.
Key Terms 2
- tariffs
- taxes on goods bought from other countries
- Scott Bessent
- leads the US Treasury Department, which handles money and taxes