Trump denies Washington Post report on tariff plans

Investing.com -- U.S. President-elect Donald Trump refuted a story published by the Washington Post on Monday, stating that his team is not considering a tariff plan that would be applied to every country and cover only critical imports. He labeled the report as "fake news" on his social media platform, Truth Social.

The Washington Post report, which cited three anonymous sources, suggested that there are ongoing discussions about imposing tariffs only on certain sectors that are vital to national or economic security. This would be a significant change from the promises Trump made during his 2024 presidential campaign.

The report sparked a strong positive reaction in European stocks and currencies on Monday, as it suggested a less aggressive tariff policy from Trump's administration.

During his campaign, Trump, a Republican set to take office on Jan. 20, promised to impose a 10% tariff on all global imports into the U.S. and a 60% tariff on Chinese goods. Trade experts have warned that such duties could disrupt trade flows, increase costs, and provoke retaliation against U.S. exports.

The Washington Post's report also mentioned that the plans are still under discussion and have not been finalized. However, it was not specified which sectors would be targeted by these tariffs.

According to the report, preliminary discussions have mainly focused on several key sectors that Trump's team aims to bring back to the U.S. These sectors include defense industrial supply chain, critical medical supplies, and energy production. The report cited two people saying that these sectors might involve tariffs on steel, iron, aluminum, and copper ; syringes, needles, vials, and pharmaceutical materials; and batteries, rare earth minerals, and solar panels.

"The story in the Washington Post …incorrectly states that my tariff policy will be pared back. That is wrong," Trump wrote, without elaborating on the specifics of his tariff plan.

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Source: Investing.com