The United States is preparing to implement a sweeping increase in import tariffs, raising the rate from 10% to 15% as early as this week, Treasury Secretary Scott Bessent announced Tuesday.
Speaking in an interview with CNBC, Bessent said President Donald Trump’s plan to expand comprehensive tariffs is moving forward swiftly, marking a significant escalation in the administration’s trade policy.
The new tariff structure will remain in effect for 150 days. During that period, U.S. authorities will examine additional legal avenues to reinstate earlier tariffs that were struck down by the Supreme Court of the United States.
Bessent described the forthcoming measures as “slower in pace but more powerful in impact” compared to previous tariff rounds.
“I strongly believe tariff rates will return to their former levels within five months,” he said, signaling the administration’s broader strategy to reassert trade leverage.
Energy Markets and Global Stability
Addressing concerns about geopolitical tensions, particularly the ongoing U.S. and Israeli confrontation with Iran, Bessent sought to reassure markets that global oil supplies remain secure.
He emphasized that sufficient crude inventories are available and outlined contingency measures aimed at stabilizing the energy sector. These include securing oil tankers and ensuring safe passage through the Strait of Hormuz, one of the world’s most critical maritime oil routes.
The Treasury Secretary also pointed to China’s heavy reliance on Gulf energy supplies, noting that more than half of its oil imports originate from the region. He added that Beijing’s purchases of Iranian crude are currently halted.
“We are monitoring the market closely and taking the necessary steps to ensure stability and uninterrupted supply flows,” Bessent said.
The administration is also weighing additional trade actions, including the possibility of targeted exemptions for certain oil shipments and protective measures for key U.S. industries.
When asked about recent remarks by President Trump regarding a potential trade ban on Spain, Bessent indicated that any such decision would require coordination across multiple federal agencies. He declined to confirm whether a ban was imminent.
The Treasury chief stressed that the administration would continue to deploy a range of policy tools to defend American economic interests, while maintaining flexibility in its dealings with international partners.
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