President-elect Donald Trump is reportedly considering a new tariff strategy that would apply levies to all nations but focus more narrowly on specific goods and services, according to a Washington Post report.
While the revised tariff approach may not be as impactful as Trump’s original plans, it could still lead to significant disruptions in global trade, sources familiar with the plan told the paper. However, Trump denied the report, calling it inaccurate in a Truth Social post. “The story in the Washington Post, quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back. That is wrong,” Trump wrote.
The report comes as concerns grow about the potential impact of Trump’s tariff plans on inflation, especially following his push for universal tariffs targeting countries like China and Mexico. During his first term, tariffs on a wide range of imports had minimal effect on prices. However, economists warn that the economic conditions now could make aggressive tariffs more inflationary.
The report indicates that while it’s still unclear which sectors would be impacted, discussions have focused on industrial metals, medical supplies, and energy. The U.S. is facing a $74 billion monthly trade deficit, a figure that has worsened since the COVID-19 pandemic.
Peoplesmind
