Bessent is pushing a starting 2.5% universal US tariff plan, which would rise each month

A majority of the US Senate votes to confirm Scott Bessent as Treasury Secretary.

Meanwhile, the Financial Times report that Bessent is pushing a gradual increasing universal US tariff plan. FT is gated, but in brief:

• new universal tariffs on imports to the US would start at 2.5%
• would then rise gradually
• would move higher by the same amount each month
• reasoning being it’d give business time to adjust
• could rise as high as 20%

FT cites unnamed sources.

All we seem to hear is someone will save us from Trump’s wild fancies. Then he goes and dumps 25% tariffs on Colombia at a whim. Even if only briefly. Trump is a man of action, even if sometimes it seems misguided. Trump will do what Trump will do.

By all means, hope for the best. But plan for the worst.

This article was written by Eamonn Sheridan at www.forexlive.com.