Treasury Secretary Scott Bessent has a new plan in the fight to bring down historically high interest rates, and it’s got nothing to do with the Federal Reserve.

U.S. President Donald Trump's tariff plans are largely aimed at bringing manufacturing back to the United States, Treasury Secretary Scott Bessent told Fox Business on Wednesday, singling out medical supplies and shipbuilding as targeted sectors.

Newly confirmed U.S. Treasury Secretary Scott Bessent is advocating a plan to impose universal tariffs on imports, according to the Financial Times. The proposal suggests starting tariffs at 2.5%, increasing by 2.