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.

The U.S. Senate voted on Monday to confirm Scott Bessent, founder of Key Square Group, as the 79th Treasury secretary. The Senate voted 68-29 to confirm the Wall Street veteran to the post. Bessent had bipartisan support,