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US President-elect Donald Trump looks on at Turning Point USA’s AmericaFest at the Phoenix Convention Center on December 22, 2024. in Phoenix, Arizona.
Rebecca Noble | Getty Images
The elected president Donald Trump considers a plan that would still apply tariffs to all countries but narrows the focus to a select set of goods and services according to the Washington Post.
The new approach to tariffs will likely not be as powerful as Trump’s earlier ideas, but will still cause major changes in global commerce, the paper said, citing people familiar with Trump’s thinking.
Trump, however, disputed the report in the post on Truth Social.
“The Washington Post, citing so-called anonymous sources that do not exist, incorrectly claims that my tariff policy will be reduced. This is wrong,” he wrote.
The report comes amid fears that the incoming president’s insistence on universal tariffs of 10% or 20%, specifically targeting China and Mexico, will lead to another spike in inflation.
During Trump’s first term, tariffs on a wide range of imports did not contribute to widespread price increases and were effectively maintained when Joe Biden assumed the position of president. However, economists worry that now, different conditions and aggressive tariffs will have a greater impact.
The Post report says it’s still unclear which sectors will be affected by the plans, although early discussions are looking at various industrial metals, medical products and energy.
The monthly US trade deficit is $74 billion, which exploded during the Covid pandemic.
