US official says tariff increase likely this week, comments on Iran oil and war funding

Scott Bessent, a US Treasury official, said the Trump administration is likely to raise a temporary global tariff rate to 15% this week. He also commented on other economic matters in a Fox Business Network interview.

Bessent said the US might remove sanctions on Iranian oil that is stranded in tankers and flagged a potential release from the US oil reserve. He also stated the US has 'plenty of money' to fund a war in Iran, while noting the administration was leaving all options on the table.