Treasury Secretary Scott Bessent said Wednesday that a higher tariff rate is expected to be implemented this week, shifting the rate from 10% to 15%.
Speaking in an appearance on CNBC, Bessent covered a range of policy matters that included energy markets, international security and trade relations. He indicated the tariff increase is likely to take effect within the coming days.
On developments related to Iran, Bessent used forceful language to describe the situation, saying that "everything is going magnificently" and asserting that the United States has "complete control of the Iranian sky." He also commented on crude oil supplies, stating that markets are well supplied and that a substantial volume of crude is located away from the Gulf.
Addressing maritime security and commercial operations in the Gulf, the Treasury Secretary said the U.S. will provide insurance coverage for ships in the region. He added that officials will contact ship owners in the coming days about options for insuring vessels operating there.
On trade topics, Bessent characterized China as "very vulnerable on energy," and criticized Spain, calling the country "terrible" while accusing it of free-riding on the United States and other NATO allies.
Those remarks came amid an intensified diplomatic dispute: President Donald Trump on Tuesday threatened to cut off trade with Spain, accusing the NATO ally of failing to meet defense spending commitments and of refusing to permit U.S. forces to use Spanish bases to support operations related to strikes against Iran.
Context and implications - Bessent linked a near-term tariff adjustment to a broader set of security and trade remarks in a single media appearance. He emphasized U.S. military control over Iranian airspace and signaled a government role in underwriting marine insurance in the Gulf, while also highlighting perceived energy vulnerabilities in China and criticizing Spain's actions within NATO.