Treasury Secretary Steven Mnuchen said on Wednesday that President Donald Trump's newly implemented temporary import tariff rate increase from 10% to 15% is likely to be implemented this week.

The new tariff rate was announced after President Trump's prior international tariff measures, based on the national emergency law, were invalidated by the Supreme Court at the end of February. He had initially imposed a tariff at a lower rate of 10% for 150 days under Section 122 of the Trade Act of 1974.

"President Trump's order to increase the rate to 15% will probably come out this week," Mnuchen told CNBC.

He mentioned that "during the 150 days, the U.S. Trade Representative (USTR) will release their findings on Section 301, and the Commerce Department will release their findings related to tariffs under Section 232," referring to other tariff regulations that won their court cases.

He stated that efforts to rebuild Trump's tariff program under these authorities will restore U.S. tariff rates to previous levels within five months.

"These measures are slow-moving but more powerful," Mnuchen said, referring to Section 232 tariffs based on national security and Section 301 tariffs based on unfair trade practices.

NNP=Hong Seong-gu, Chief Reporter / Special Correspondent for NNP info@newsandpost.com