Treasury Secretary Bessent Raises Tariffs to 15 Percent While Pushing Republican Housing Legislation Strategy

Treasury Secretary Scott Bessent recently urged House Republicans to lead on housing affordability legislation rather than support a bipartisan Senate approach. According to Semafor, in a closed-door meeting with the Republican Study Committee on Wednesday, Bessent said Republicans should pass their own bill to prevent Democrats like Senator Elizabeth Warren from dominating the issue. He expressed skepticism about the Senate plan's requirement that institutional investors sell rental housing they build to individuals within seven years. People familiar with the talks noted his concerns, even though the White House endorsed the Senate bill on Monday. Bessent later adjusted his stance, calling for the Senate to pass its version and the House to send it to President Donald Trump's desk quickly. Representative Marlin Stutzman of Indiana quoted Bessent as challenging Republicans, since they hold the majority, to take charge. The Senate advanced its legislation in a strong bipartisan vote on Wednesday, despite pushback from the housing industry. National Multifamily Housing Council President Sharon Wilson Geno told Semafor the build-to-rent provision could disrupt financing and deter new home construction. On trade, Bessent announced the United States will raise its temporary global tariff from 10 percent to 15 percent sometime this week. Supply Chain Dive reports he made the statement during a CNBC interview on Wednesday, following a Supreme Court ruling that struck down prior levies under the International Emergency Economic Powers Act. The tariff, enacted under Section 122 of the Trade Act of 1974, will last 150 days unless Congress extends it. Bessent predicted tariff rates would return to previous levels within five months through fast-tracked Section 301 investigations led by U.S. Trade Representative Jamieson Greer. These probes target unfair trading practices and could impose duties on countries like China. Meanwhile, some trade deals face uncertainty, with the European Union pausing its pact pending clarity on U.S. plans. The Tax Policy Center notes Bessent has served as acting IRS commissioner since August 8, 2025, as acting leadership hits a legal time limit. Thank you for tuning in, listeners. Please subscribe for more updates. This has been a Quiet Please production, for more check out quietplease.ai. For more http://www.quietplease.ai Get the best deals https://amzn.to/3ODvOta This content was created in partnership and with the help of Artificial Intelligence AI.