{"id":1667427,"date":"2026-03-04T16:00:00","date_gmt":"2026-03-04T21:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1667427"},"modified":"2026-03-04T16:00:00","modified_gmt":"2026-03-04T21:00:00","slug":"watch-bessent-teases-series-of-announcements-to-stabilize-oil-says-trumps-15-tariff-will-kick-in-this-week","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/watch-bessent-teases-series-of-announcements-to-stabilize-oil-says-trumps-15-tariff-will-kick-in-this-week\/1667427\/","title":{"rendered":"Watch: Bessent Teases ‘Series Of Announcements’ To Stabilize Oil; Says Trump’s 15% Tariff Will Kick In This Week"},"content":{"rendered":"

Watch: Bessent Teases ‘Series Of Announcements’ To Stabilize Oil; Says Trump’s 15% Tariff Will Kick In This Week<\/span><\/p>\n

\n

Authored by Andrew Moran via The Epoch Times<\/a> (emphasis ours),<\/em><\/p>\n

President Donald Trump\u2019s 15 percent global tariff will take effect sometime this week, <\/strong>Treasury Secretary Scott Bessent said.<\/p>\n

Following the Supreme Court\u2019s rebuke of the president\u2019s signature economic policy last month, Trump imposed a 10 percent global tariff, invoking Section 122 of the Trade Act of 1974. A day later, Trump pledged to raise the rate to 15 percent.<\/p>\n

Treasury Secretary Scott Bessent testifies before the Senate Committee on Banking, Housing, and Urban Affairs on Capitol Hill in Washington on Feb. 5, 2026. Madalina Kilroy\/The Epoch Times<\/em><\/a><\/p>\n

In an interview with CNBC\u2019s \u201cSquawk Box\u201d on March 4, Bessent confirmed that the new rate would be introduced sometime this week and remain in place for 150 days.<\/strong><\/p>\n

He also anticipates tariff rates would return to the levels that were in place before the high court\u2019s decision.<\/p>\n

\u201cIt\u2019s my strong belief that the tariff rates will be back to their old rate within five months,<\/strong>\u201d Bessent said.<\/p>\n

\u201cThey have survived more than 4000 legal challenges. They are more slow moving, but they are more robust.\u201d<\/p>\n

Bessent says the global tariffs will be raised to 15% “likely sometime this week,” and adds “it’s my strong belief that the tariff rates will be back to their old rate within 5 months” pic.twitter.com\/jBwAcrhf9C<\/a><\/p>\n

\u2014 Aaron Rupar (@atrupar) March 4, 2026<\/a><\/p>\n

Bessent\u2019s comments come two days after a U.S. federal appeals court rejected the president\u2019s effort to postpone legal proceedings connected to tariff refunds, sending the battle to a lower court.<\/p>\n

Estimates suggest the federal government\u2019s tariff refunds could total $175 billion.<\/p>\n

Fiscal year-to-date, the administration\u2019s tariffs have generated more than $150 billion, according to Treasury data as of March 2.<\/p>\n

Oil Announcements Coming<\/h2>\n

Global energy markets have been highly volatile since the Iran War, with crude oil and natural gas prices rocketing on fears of supply disruptions.<\/p>\n

The president calmed down the oil market on March 3.<\/p>\n

In a Truth Social post, Trump said<\/a> the White House would offer naval escorts and guarantee political risk insurance for commercial oil and gas tankers traveling through the Strait of Hormuz.<\/strong><\/p>\n

The Strait of Hormuz is a vital global chokepoint that handles approximately 20 million barrels of oil and petroleum products per day. It has effectively been shuttered as insurance companies canceled coverage or dramatically raised premiums.<\/p>\n

But the administration will make additional announcements to help stabilize prices, Bessent said.<\/p>\n

\u201cWe have a series of announcements that we\u2019re going to be making<\/strong>,\u201d Bessent stated.<\/p>\n

\u201cWe began yesterday with the announcement that [Development Finance Corporation] will provide the insurance for both the crude carriers and the cargo ships operating in around the Gulf over the weekend.\u201d<\/p>\n

He shrugged off a possible energy shock as the Middle East conflict intensified, saying that the United States and the global marketplace maintain ample supplies.<\/p>\n

Bessent: “Over the weekend, Lloyd’s of London nullified the insurance, so the US government is going to step in and provide safe passage through the straits for the oil tankers” pic.twitter.com\/ItR5vFSQDG<\/a><\/p>\n

\u2014 Aaron Rupar (@atrupar) March 4, 2026<\/a><\/p>\n

\u201cThis was a well telegraphed geopolitical event. The crude market had already moved substantially over the past two months. The crude markets are very well supplied,\u201d Bessent said.<\/p>\n

A barrel of West Texas Intermediate\u2014the U.S. benchmark for oil prices\u2014fell by about 0.5 percent in pre-market trading to around $74 on the New York Mercantile Exchange.<\/p>\n

Brent\u2014the international benchmark\u2014was little changed at slightly above $81 a barrel on London\u2019s ICE Futures exchange.<\/p>\n

\u201cOil prices retreated after news the U.S. will ensure safe passage through the Strait of Hormuz, easing fears of a major global supply shock,\u201d Adam Turnquist, chief technical strategist for LPL Financial, said in a note emailed to The Epoch Times.<\/p>\n

\u201cSofter oil prices are also helping cool inflation concerns and pull interest rates lower.\u201d<\/strong><\/p>\n

Market watchers had warned that the risk of oil prices reaching $100 were high if the narrow waterway were closed for an extended period.<\/p>\n

U.S. stocks also rebounded midweek, with the leading benchmark averages in the green prior to the opening bell.<\/p>\n

The blue-chip Dow Jones Industrial Average crashed by as much as 1,200 points on March 2 before paring most of its losses. The tech-heavy Nasdaq Composite Index also fell by about 400 points before trimming its decline. The broader S&P 500 had also fallen by around 1 percent.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 03\/04\/2026 – 11:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/political\/watch-bessent-teases-series-announcements-stabilize-oil-says-trumps-15-tariff-will-kick<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Watch: Bessent Teases ‘Series Of Announcements’ To Stabilize Oil; Says Trump’s 15% Tariff Will Kick In This Week Authored by Andrew Moran via The Epoch…<\/p>\n","protected":false},"author":0,"featured_media":1667428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1667427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1667427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1667427"}],"version-history":[{"count":1,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1667427\/revisions"}],"predecessor-version":[{"id":1667471,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1667427\/revisions\/1667471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1667428"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1667427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1667427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1667427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}