U.S. President-elect Donald Trump is considering a revised plan to impose tariffs, focusing on a targeted set of goods and services, according to a Washington Post report. The new approach is expected to have a significant impact on global commerce, but would not be as powerful as Trump’s initial ideas. The plan is said to be being kept under wraps, with details such as which sectors would be affected still unclear, although industrial metals, medical supplies, and energy are being considered.
The report notes that President-elect Trump has disputed the story, saying it is incorrect and based on anonymous sources. The decision to impose tariffs has been met with concerns that it will lead to a spike in inflation, with some economists warning that the U.S. is running a significant monthly trade deficit of $74 billion. The deficit has worsened since the Covid-19 pandemic.