Trump team trims tariffs to critical imports, WaPo says
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The news: Aides to President-elect Donald Trump are reportedly considering a tariff plan that would apply to imports from all countries but will be limited to critical sectors, The Washington Post reported citing unnamed sources.
The context: If implemented, the plan would mark a significant narrowing of the universal tariffs of 10% to 20% on all imports that Trump had promised during his presidential campaign.
The shift appears driven by concerns about inflation and political backlash, the paper said. Economists had warned Trump’s universal tariff plans would likely raise consumer prices and disrupt global trade.
The list of industries that would face tariffs was not made clear by the report, which said preliminary discussions had focused on key sectors.
Those included the defence supply chain (steel, aluminium and copper), medical supplies (syringes, vials and pharmaceutical materials), and energy materials (batteries, rare earth minerals and solar panels).
The numbers: The exact scope remains undecided, with internal discussions ongoing, according to the report.
Meanwhile, the US dollar fell 1% on the news, with the euro and Australian dollar gaining value.
The sources: The Washington Post , Reuters
