The News
New US Treasury Secretary Scott Bessent wants to enact 2.5% tariffs on all US imports, according to reports, a position which may put him in conflict with his more hawkish boss.
Sources told the Financial Times that Bessent wants to start with low tariffs and gradually raise them, giving businesses time to adjust and countries time to negotiate.
But President Donald Trump, when asked about the report, said he wanted a “much bigger” rate: He has already threatened 25% duties on Canada and Mexico, and stricter controls on semiconductors, metals, and pharmaceuticals, undermining speculation that he would soften his protectionist stance upon taking office.
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