United States Treasury Secretary Scott Bessent said President Donald Trump is expected to raise the universal tariff from 10 percent to 15 percent as early as this week. The current levy was introduced after the Supreme Court struck down most of the administration’s previous tariff framework, and the legal authority supporting the new measure allows it to remain in place for 150 days.

Bessent said trade officials plan to use that period to reinstate earlier tariffs under different legal provisions, expressing confidence that rates will return to their previous levels within five months. Financial markets reacted cautiously, with stock futures giving up earlier gains following his remarks.

He also downplayed concerns about disruptions to global oil supplies amid tensions involving Iran, saying markets are well supplied and that the administration is prepared to support energy shipments, including offering insurance for cargo vessels and ensuring naval protection in key shipping lanes. Bessent noted China’s heavy reliance on oil from the Persian Gulf and suggested that purchases of Iranian crude have paused.

Separately, the European Union expects the United States will keep its tariff on the bloc at 10 percent rather than raise it to 15 percent, according to people familiar with the matter. Officials on both sides declined to comment publicly.