A majority of the US Senate votes to confirm Scott Bessent as Treasury Secretary.
Meanwhile, the Financial Times report that Bessent is pushing a gradual increasing universal US tariff plan. FT is gated, but in brief:
- new universal tariffs on imports to the US would start at 2.5%
- would then rise gradually
- would move higher by the same amount each month
- reasoning being it'd give business time to adjust
- could rise as high as 20%
FT cites unnamed sources.
All we seem to hear is someone will save us from Trump's wild fancies. Then he goes and dumps 25% tariffs on Colombia at a whim. Even if only briefly. Trump is a man of action, even if sometimes it seems misguided. Trump will do what Trump will do.
By all means, hope for the best. But plan for the worst.
