President Donald Trump's 15 percent global tariff will take effect sometime this week, Treasury Secretary Scott Bessent said.

Following the Supreme Court's rebuke of the president's 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.

In an interview with CNBC's "Squawk Box" on March 4, Bessent confirmed that the new rate would be introduced sometime this week and remain in place for 150 days.

He also anticipates tariff rates would return to the levels that were in place before the high court's decision.

"It's my strong belief that the tariff rates will be back to their old rate within five months," Bessent said.

"They have survived more than 4000 legal challenges. They are more slow moving, but they are more robust."

Bessent's comments come two days after a U.S. federal appeals court rejected the president's effort to postpone legal proceedings connected to tariff refunds, sending the battle to a lower court.

Estimates suggest the federal government's tariff refunds could total $175 billion.

Fiscal year-to-date, the administration's tariffs have generated more than $150 billion, according to Treasury data as of March 2.

Oil Announcements Coming

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

The president calmed down the oil market on March 3.

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

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.

But the administration will make additional announcements to help stabilize prices, Bessent said.

"We have a series of announcements that we're going to be making," Bessent stated.

"We 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."