U.S. Treasury Secretary Scott Besant [AP=Yonhap News] 

U.S. Treasury Secretary Scott Besant said on the 13th (local time) that it remains to be seen whether the Trump administration plans to ease some tariffs on steel and aluminum products, and whether the scope of tariff application will be narrowed.

In an interview with CNBC, Secretary Besant responded to a related question, saying, "I will not get ahead of the President here," and added, "We will have to see if there is some sort of narrowing (of the scope of tariff application)."

The Financial Times (FT) reported on the same day that President Trump plans to ease some tariffs on steel and aluminum products.

Last year, the Trump administration imposed a 50% tariff on steel and aluminum imports and expanded the tariffs to include steel and aluminum derivative products.

According to sources cited by the FT, the Trump administration is reportedly planning to exempt certain products from tariffs, halt the expansion of the product list, and initiate more narrowly targeted national security investigations into specific products.

Secretary Besant stated in relation to this that he spoke with U.S. Trade Representative (USTR) Jamie Green this morning.

He added, "I don't think what was reported today is excellent," and "As I understand it, if any action is taken, it will be some sort of clarification on certain ancillary items."

He emphasized, "This is the President's decision."

Meanwhile, Secretary Besant said he was aware that the Senate Banking Committee had agreed to hold confirmation hearings for Kevin Wash, the nominee for the next Chairman of the Federal Reserve (Fed).

He explained that while some lawmakers from the ruling Republican Party are blocking the hearings citing a Justice Department investigation into current Fed Chairman Jerome Powell, the confirmation process will proceed as scheduled following an agreement between both the Republican and Democratic parties.

Secretary Besant stated, "I believe it is important to proceed with the hearings," and "Chairman Powell's term ends in mid-May, and anyone who values the credibility and independence of the Fed would want to see continuity with Kevin Wash."