Treasury Secretary Scott Bessent announced Wednesday that 15% tariffs will likely take effect this week, up from the current 10% level. Speaking on CNBC, Bessent outlined multiple policy initiatives, including energy market developments and international trade strategies. The tariff increase comes amid escalating tensions with both China and European allies.

On Iran, Bessent claimed the US has achieved complete control of Iranian airspace and that crude markets remain well-supplied. He noted that significant oil volumes have been diverted from the Gulf region. The Treasury Secretary also announced plans to provide maritime insurance for ships operating in the Gulf, with outreach to vessel owners beginning in coming days.

Bessent criticized Spain as a NATO free-rider and claimed China's energy vulnerabilities make it susceptible to trade pressure. His comments follow President Trump's threat to cut off trade with Spain over defense spending disputes and base access issues. The tariff announcement signals a hardening stance in Trump administration trade policy as multiple international conflicts converge.