financetom
Economy
financetom
/
Economy
/
Trump aides target critical areas for import duties, Washington Post reports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Trump aides target critical areas for import duties, Washington Post reports
Jan 6, 2025 5:22 AM

(Reuters) - U.S. President-elect Donald Trump's aides are exploring tariff plans that would be applied to every country but only cover critical imports, the Washington Post reported on Monday.

The current discussions center on imposing tariffs only on certain sectors deemed critical to national or economic security, the report said, citing three people familiar with the matter.

Trump, a Republican who takes office on Jan. 20, had vowed to impose tariffs of 10% on global imports into the U.S. along with a 60% tariff on Chinese goods - duties that trade experts say would upend trade flows, raise costs and draw retaliation against U.S. exports.

The new reported plan would represent a marked shift from the promises Trump made during the 2024 presidential campaign.

A spokesperson for Trump did not immediately respond to a request for comment on the newspaper report.

The aides said the plans are in flux and have not been finalized, according to the newspaper.

It was not clear which sectors the tariffs would target.

"Preliminary discussions have largely focused on several key sectors that the Trump team wants to bring back to the United States, the Post reported that the people said.

"Those include the defense industrial supply chain (through tariffs on steel, iron, aluminum and copper); critical medical supplies (syringes, needles, vials and pharmaceutical materials); and energy production (batteries, rare earth minerals and even solar panels)," two of the people said, according to the Post.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US pending home sales fall in May
US pending home sales fall in May
Jun 27, 2024
WASHINGTON (Reuters) - Contracts to buy U.S. previously owned homes unexpectedly fell in May, indicating sales could remain subdued for a while as potential buyers grapple with higher mortgage rates and prices. The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, dropped 2.1% last month to 70.8. Pending home sales fell...
Fed's Bostic says inflation moving in 'right direction,' sees one Q4 rate cut
Fed's Bostic says inflation moving in 'right direction,' sees one Q4 rate cut
Jun 27, 2024
WASHINGTON (Reuters) - Inflation in the U.S. appears to be narrowing and that should allow the Federal Reserve to cut interest rates later this year, Atlanta Fed President Raphael Bostic said in a policy essay released on Thursday. After concern that inflation might stall at an elevated level, Bostic said recent data point to renewed progress, including the fact that...
June Kansas City Fed Manufacturing Index Posts Larger Than Expected Decline
June Kansas City Fed Manufacturing Index Posts Larger Than Expected Decline
Jun 27, 2024
11:08 AM EDT, 06/27/2024 (MT Newswires) -- The Kansas City Fed monthly manufacturing index decreased to a reading of minus 8 in June from minus 2 in May, below expectations for a smaller drop to a minus 5 print in a survey compiled by Bloomberg as of 7:50 am ET. The reading indicates faster contraction, which is in line with...
Atlanta Fed President Bostic Says Rate Cut Still Possible in Q4
Atlanta Fed President Bostic Says Rate Cut Still Possible in Q4
Jun 27, 2024
10:08 AM EDT, 06/27/2024 (MT Newswires) -- If the economy and inflation reduction progress as forecast, a cut in interest rates is possible in Q4, but the data will be the guide, Atlanta Federal Reserve Bank President Raphael Bostic, a voter on the Federal Open Market Committee in 2024, said Thursday in an essay posted on the Atlanta Fed's website....
Copyright 2023-2025 - www.financetom.com All Rights Reserved