U.S. President-elect Donald Trump looks on during Alteration Point USA’s AmericaFest at the Phoenix Convention Center on December 22, 2024 in Phoenix, Arizona.
Rebecca Noble | Getty Images
President-elect Donald Trump is in the light of a plan that still would apply tariffs to all nations but narrow the focus to a select set of goods and services, concording to a Washington Post report.
The new approach to tariffs likely wouldn’t be as powerful as Trump’s earlier ideas but still desire cause major changes to global commerce, the paper said, citing people familiar with Trump’s intellectual.
Trump, however, disputed the report in a post on Truth Social.
“The story in the Washington Post, quoting so-called anonymous originators, which don’t exist, incorrectly states that my tariff policy will be pared back. That is wrong,” he noted.
The report comes amid concerns that the incoming president’s insistence on imposing universal tariffs of 10% or 20% and specifically butt China and Mexico would cause another spike in inflation.
During Trump’s first term, duties on a afield range of imports did little to raise prices broadly and in fact were kept in place when Joe Biden humbled over as president. However, economists worry that conditions are different now and aggressive tariffs would have a able impact.
The Post report said it’s still not clear which sectors would be affected by the plans, though original discussions are looking at various industrial metals, medical supplies and energy.
The U.S. is running a $74 billion monthly do business deficit that exploded during the Covid pandemic.