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 as Treasury secretary in President Donald Trump's administration. The Senate voted 68-29 to confirm the Wall Street veteran, with 16 Democrats joining all Republicans to choose Bessent for the post.

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