Bessent's Carbon Tariff Proposal: A New Era in U.S. Trade Policy?

Scott Bessent, nominated by President-elect Donald Trump for U.S. Treasury Secretary, discussed the potential implementation of tariffs on carbon emissions during a Senate Finance Committee hearing. Bessent expressed interest in considering these tariffs as part of a broader trade strategy, contingent upon his confirmation.

Scott Bessent, President-elect Donald Trump's choice for U.S. Treasury Secretary, communicated his interest in proposing tariffs on carbon emissions during a Senate Finance Committee meeting on Thursday.

Bessent suggested that this idea could form part of a comprehensive tariff strategy. He expressed a keen interest in collaborating with future administration officials, pending his confirmation by the Senate, to hone in on strategies tailored to target carbon emissions specifically.

Beyond carbon tariffs, Bessent indicated that other trade measures could be considered to address diverse existing trade practices.

(With inputs from agencies.)