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Trump vs. the Treasury on tariffs

​Scott Bessent, U.S. President-elect Donald Trump's secretary of treasury.

Scott Bessent, U.S. President-elect Donald Trump's secretary of treasury.

REUTERS/Kevin Lamarque/File Photo
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Is US President Donald Trump already at odds with his cabinet picks? Rather than impose high tariffs on select countries all at once, US Treasury Secretary Scott Bessent has suggested that Washington levy universal 2.5% tariffs on all US imports and gradually raise them, giving businesses time to adjust and countries time to negotiate.


This contradicts Trump’s strategy of hitting high and hard like he did when he threatened 25% and 50% tariffs on Colombia over the weekend. The tariff war between Washington and Bogota lasted less than 12 hours, with Colombian President Gustavo Petro initially matching Trump’s tariffs before both countries backed down and deportation flights resumed.

When asked about Bessent’s suggestion of gradual tariffs, Trump rejected it and said he wanted a “much bigger” rate. He has repeatedly threatened to impose 25% duties on Canada and Mexico from Feb. 1, which White House Press Secretary Karoline Leavitt confirmed on Tuesday “still holds.”

Is this split a tempest or a tiff? According to Nancy Wei, a trade and supply chains analyst at Eurasia Group, it’s neither. “Bessent’s recommendation for a 2.5% across-the-board tariff appears to be a strategic negotiating position rather than a direct disagreement with President Trump,” she says.

“The upcoming confirmation hearing for Commerce Secretary [nominee] Howard Lutnick will be telling, as his views on gradual tariff implementation — if questioned — could provide insights into the administration’s overall strategy.”

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