‘Golden age starts now’: Scott Bessent becomes Donald Trump’s treasury secretary, pushes universal 2.5% tariff plan

The billionaire investor Scott Bessent will serve as US President Donald Trump's treasury secretary, the US Senate confirmed on Monday. The hedge fund manager has been advocating for a new universal tariffs on US imports, which would start at 2.5% and increase gradually every month, reported Financial Times.

Calling his appointment as US treasury secretary the beginning of ‘golden age’, Scott Bessent said on X that he is committed to “eliminating taxes, replacing them with a fair consumption tax and adopting a gold-backed currency.”

“We’ll erase debt, restore financial privacy, and unlock new technologies for a prosperous future. The golden age starts now,” Bessent wrote in a post on X.

What will be the role of Scott Bessent as US treasury secretary?

After taking over as US treasury secretary, Scott Bessent will play a key role in balancing between cutting taxes and curbing deficits. He will also be held responsible for formulating a tariff plan which aligns with Donald Trump's stance on tariffs without impacting growth, reported AP.

Scott Bessent's push for new universal tariffs

Treasury secretary Scott Bessent has been pushing for a new universal tariff plan on US imports. As per a Financial Times report, Bessent plans to bring a tariff plan which will start at 2.5 per cent and rise each month by same amount.

The gradual increase in tariffs would ensure that corporates have some time to adjust, it will also give some time for trade partner nations to negotiate deal on tariffs, reported FT citing four people aware with the matter.

The leview can be increased to as high as 20 percent in line, an idea which aligns with Donald Trump's position on tariffs and tax cuts. Recently, Donald Trump has hinted at eliminating taxes and replacing it with tariffs.

Scott Bessent is the first open gay individual in role

Bessent's nominatin as US treasury secretary is also historic as he is the first openly gay individual to take over the role. He was a staunch supporter of Democrats and had also worked for George Soros in past. Over the time he has become an enthusiastic supporter of Donald Trump.