US Treasury Secretary Scott Bessent (File photo: REUTERS/Kylie Cooper)

The new tariff rate was announced by Trump in late February after the Supreme ⁠Court struck down his previous global tariffs under a national emergencies law. He initially imposed the 150-day tariffs under Section 122 of the Trade Act of 1974 at a lower 10% rate.

"That's likely sometime this week," Bessent said on CNBC of the 15% rate order from Trump.

"During the 150 days, we will ‌see ⁠studies from USTR on Section 301, tariffs from Commerce on Section 232," he said, referring to other tariff authorities that have withstood court challenges.

He said the ⁠effort to rebuild Trump's tariff program under these authorities would bring US duty rates back to their prior ⁠levels within five months.