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.

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.

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.