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,

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.

Donald Trump's pick for Treasury secretary repeatedly defended a range of tariff ideas during his confirmation hearing before Senate lawmakers Thursday.

The U.S. Senate confirmed billionaire investor Scott Bessent on Monday to serve as President Donald Trump's treasury secretary, giving him the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn't jeopardize growth.

Britain's Labour government will back plans for a third runway at London's Heathrow Airport, finance minister Rachel Reeves announced on Wednesday, saying the project could create over 100,000 jobs in the economy.

The first openly gay person in the role has the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn’t jeopardize growth.