US Treasury Secretary Steven Mnuchin: A 15% universal tariff may be implemented this week, global oil supply is sufficient.

US Treasury Secretary Benstead said that President Trump's plan to increase the 10% universal tariff to 15% is likely to be completed this week. When asked when the tax rate will be raised to 15%, Benstead said in an interview: "It is likely to be sometime this week." Last month, after the Supreme Court ruled that most of Trump's previous tariff system was invalid, Trump implemented a 10% universal tariff. Benstead pointed out that the new tariff authorization only allows it to last for 150 days. During this period, he said that the US trade authorities will consider using other legislative means to restore the tariff system that was effective before the Supreme Court ruling. Benstead said, "I firmly believe that the tariff rate will return to its previous level within five months." Referring to the so-called Section 301 and Section 232 tariffs planned to replace the defunct IEEPA tariffs, he said, "Their progress is very slow, but more robust." After Benstead's comments on raising tariffs, US stock index futures erased gains. As of the time of writing, S&P 500 index futures fell by about 0.1%, after rising by 0.4% earlier. The US Treasury Secretary also played down the risks of a US-Israeli war on Iran on the oil market, saying that global oil supply is sufficient and the Trump administration will take measures to support the industry. Benstead said, "I encourage everyone to look beyond the fog and see the future of the oil marketglobal oil supply is very abundant. There are billions of barrels of oil offshore in areas outside of the Gulf of Mexico. But more importantly, we will be making a series of announcements." He pointed out that the US government has already announced that it will provide insurance for oil tankers at the appropriate time, and the US Navy will ensure safe passage through the Strait of Hormuz. When asked about Trump's remarks on Tuesday suggesting a trade embargo on Spain, and whether the Treasury Secretary would be responsible for this, Benstead said, "It will be a joint action." He did not specifically comment on whether such sanctions would be implemented.