Donald Trump’s Treasury secretary Scott Bessent is pushing for new universal tariffs on US imports to start at 2.5 per cent and rise gradually, said four people familiar with the proposal.

Scott Bessent has been confirmed as US Treasury Secretary, advocating for universal tariffs starting at 2.5%. He aims to eliminate taxes, implement a consumption tax, and adopt a gold-backed currency,

President-elect Donald Trump’s pick to run the Treasury Department does not expect the incoming president’s proposed tariffs to drive up inflation and says he is looking forward to helping extend the Trump tax cuts.

Newly confirmed U.S. Treasury Secretary Scott Bessent is advocating a plan to impose universal tariffs on imports, according to the Financial Times. The proposal suggests starting tariffs at 2.5%, increasing by 2.

Scott Bessent will lead President Donald Trump's financial agenda as treasury secretary. Bessent, a billionaire hedge fund manager, was confirmed in a 68 to 29 U.S. Senate vote on Monday and sworn in on Tuesday.

Here's what to know about the Treasury secretary pick Bessent, who heads into his confirmation hearing and may become the first Senate-approved LGBTQ+ member in a Republican cabinet.

President Donald Trump's Treasury secretary pick, Scott Bessent, pushes for new tariffs and warns of a 'calamity' if tax cuts expire. Confirmed by the Senate, Bessent emphasizes reducing taxes, increasing oil production to control prices,