Bessent says 15% tariff rate likely to take effect this week

Investing.com -- Treasury Secretary Scott Bessent said Wednesday that a 15% tariff rate will likely enter force this week, marking an increase from the current 10% level.

Speaking on CNBC, Bessent addressed multiple policy areas, including energy markets, international relations, and trade.

On Iran, Bessent said everything is going magnificently and that the US has complete control of the Iranian sky. He added that crude markets are very well supplied and that lots of crude is away from the Gulf.

The Treasury Secretary said the US will provide insurance for ships in the Gulf and will be reaching out to ship owners in the coming days regarding insuring ships in the region.

On trade matters, Bessent said China is very vulnerable on energy. He also criticized Spain, calling the country terrible and accusing it of free-riding on the U.S. and other NATO allies.

President Donald Trump on Tuesday threatened to cut off trade with Spain, accusing the NATO ally of failing to meet defense spending commitments and refusing to allow U.S. forces to use Spanish bases to support operations related to strikes against Iran.

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