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,

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