Collaboration on Tariff Strategy

Scott Bessent, the Treasury Secretary nominee, has shown his willingness to work alongside President-elect Donald Trump on implementing a tariff strategy. This strategy is designed to address several key issues, including unfair trade practices, carbon emissions, and financing practices.

Assurances on Economic Impact

During his confirmation hearing, Bessent reassured that the proposed tariff plan would not lead to increased costs for American workers or small businesses. This statement came in response to concerns raised by Ron Wyden, a member of the Senate Finance Committee.

Trump's Plan for an External Revenue Service

In a related development, Trump has unveiled plans to establish an "external revenue service". This new body would be responsible for collecting tariffs, duties, and all revenue from foreign sources, marking a significant shift in how the U.S. manages its trade and revenue collection.