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,

The veteran investor will be at the center of President Trump’s efforts to cut taxes, fight inflation and impose stiff tariffs on imports.

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.