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 2.5% each month, allowing businesses time to adapt and foreign governments to negotiate trade agreements with the U.S.
The tariffs could rise to a maximum of 20%, aligning with former President Donald Trump’s protectionist policies, though the gradual implementation aims to soften immediate economic disruptions. While the plan’s adoption by other administration members remains uncertain, sources say it reflects Bessent's moderate stance in Trump's cabinet, contrasting the President’s hawkish trade rhetoric.
Trump recently threatened 25% tariffs on Colombia over immigration policies, later retracting the move after compliance from Bogotá. This raised concerns about potential tariffs on key trading partners, including China, Mexico, and Canada. The President has initiated a review of trade relations with major economies, the results of which may shape his future tariff policies.
Bessent’s approach is expected to balance Trump’s hardline stance with a more calculated strategy, aiming to stabilize trade relationships while advancing U.S. economic interests.
This development comes as global markets watch closely for the administration’s next steps, with businesses and foreign governments bracing for potential shifts in trade policy. Whether the universal tariff plan gains traction remains to be seen, but its gradual rollout could mitigate backlash while driving negotiations toward favorable terms for the U.S.
This strategic move could redefine trade dynamics, positioning Bessent as a key figure in shaping U.S. economic policy.