On January 28, according to CCTV News, the U.S. Senate confirmed Scott Bessent as Secretary of the Treasury with a vote of 68 in favor and 29 against. He had previously advised Trump on economic policy during the 2024 presidential campaign.
Meanwhile, according to sources cited by the media, Bessent is pushing for a new universal tariff plan that will start with a base tax rate of 2.5% and gradually increase.
Reports indicate that four informed sources revealed that starting from a base tax rate of 2.5%, it will increase by 2.5% each month, allowing businesses time to adjust, and countries will also have the opportunity to negotiate with the U.S. presidential administration, with the tax rate potentially reaching as high as 20%.
This proposal comes as the Trump administration is discussing how to implement the tariff plan. On Monday, Trump stated in a speech in Florida that he would impose more tariffs on semiconductors, metals, and pharmaceutical products, which caused turmoil in the U.S. stock market, leading to a sell-off in tech stocks. According to previous reports from CCTV, Trump had threatened to impose tariffs as high as 25% on imports from Canada and Mexico, and in recent days, he also threatened to impose a 25% tariff on Colombia over immigration issues.
In contrast, Bessent's plan appears relatively moderate. Reports indicate that the tariff policy is currently the focus of intense trade debates within the Trump administration, with hawkish figures like Peter Navarro and Jamieson Greer at odds with moderates like Bessent.
Nevertheless, a person familiar with Trump's thinking stated that the president is still weighing different options, saying, &#34;The president is not ready to decide on any plan.&#34; Last week, when asked by reporters if he planned to introduce universal tariffs, Trump responded:
<blockquote>
&#34;We might. But we are not ready for that yet.&#34;
</blockquote>
After Trump and Bessent commented on tariffs, the dollar strengthened against major currencies on Tuesday, with the dollar index rising by 0.51%, and risk-sensitive currencies from Australia and New Zealand falling by as much as 0.5% against the dollar.
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The new U.S. Treasury Secretary Scott Bessent is promoting a progressive universal tariff plan, starting with a tax rate of 2.5%, increasing by 2.5% each month, up to a maximum of 20%. This plan aims to give businesses time to adjust and allows countries to negotiate with the U.S. government. There are divisions within the Trump administration regarding tariff policy, and Trump has not yet decided on a final plan. This news has led to a strengthening of the U.S. dollar, and the market continues to pay attention to the response to the tariff policy

- On January 28, the U.S. Senate confirmed Scott Bessent as Treasury Secretary with a vote of 68 to 29.  
- Bessent is advocating for a new universal tariff plan starting at a 2.5% rate, increasing monthly, with a potential cap of 20%.  
- This proposal comes amid ongoing discussions within the Trump administration about tariffs, with the president still weighing various options.

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Tariffs increase month by month! The new U.S. Treasury Secretary promotes "gradual universal tariffs," starting at 2.5%, increasing by 2.5% each month, with a maximum of 20%!