According to a report by foreign media on Wednesday (4th), U.S. Treasury Secretary Scott Bessent stated that President Trump recently decided to increase the global tariff rate from 10% to 15%, with implementation expected as early as this week. Additionally, the government plans to use other legal tools to rebuild the tariff system previously overturned by the Supreme Court within approximately five months.
In an interview on CNBC's "Squawk Box," Bessent noted that the global 15% tariff level will "most likely take effect at some point this week." He added, "I strongly believe" that the overall U.S. tariff level will be restored to its original level within five months.
This decision comes after the U.S. Supreme Court ruled several of Trump's tariff measures illegal. Trump previously announced an initial implementation of a 10% universal tariff under different legal authorities and subsequently stated he would increase the rate to 15%. Bessent pointed out that the new tariff measures have a legal duration of up to 150 days, during which U.S. trade officials will study how to restore the previous tariff framework through other statutes.
Bessent also mentioned that tariffs implemented under "Section 301" and "Section 232" might be reinstated to replace the tariff policies previously enacted under the "International Emergency Economic Powers Act" (IEEPA) that were overturned by the court. He noted that the advancement of these tariff processes is slower, but their legal basis is "more solid."
Following Bessent's remarks, U.S. stock futures narrowed their gains. The S&P 500 index futures initially rose by about 0.4% but subsequently turned to a decline of about 0.1%.
Impact of Middle East Conflicts on the Energy Market
Bessent also downplayed the impact of Middle East conflicts on the energy market. Despite U.S. and Israeli attacks on Iran, he stated that the global crude oil supply remains abundant, with hundreds of millions of barrels being shipped to areas outside the Persian Gulf. Bessent noted that the U.S. government would provide insurance for tankers, with the U.S. Navy ensuring the safe passage of ships through the Strait of Hormuz to maintain stable energy transportation.
He also mentioned that China has a high reliance on Persian Gulf crude oil, with over half of its energy coming from the region, and that China may have recently purchased about 95% of Iranian crude oil. However, under the current situation, these transactions have been paused.
Potential Trade Embargo on Spain
Additionally, Bessent responded to Trump's earlier comments about a possible trade embargo on Spain. He stated that if such measures were pursued, multiple government departments would handle the process, but he did not further disclose whether this embargo would actually be implemented.
