US President-elect Donald Trump looks on during Turning Point USA's AmericaFest at the Phoenix Convention Center on December 22, 2024 in Phoenix, Arizona.
Rebecca Noble | Getty Images
President-elect Donald Trump is considering a plan that would continue to apply tariffs to all countries but narrow the focus on a select group of goods and services, according to a report in The Washington Post.
The newspaper, citing people familiar with Trump's thinking, said that the new approach to tariffs would likely not be as strong as Trump's previous ideas, but it would cause major changes in global trade.
But Trump disputed the report in a post on Truth Social.
“The story in the Washington Post, citing so-called anonymous sources, which do not exist, incorrectly states that my tariff policy will be reduced. This is false,” he wrote.
The report comes amid concerns that the next president's insistence on imposing global tariffs of 10% or 20% and targeting China and Mexico specifically would cause another spike in inflation.
During Trump's first term, tariffs on a wide range of imports did little to raise prices broadly, and in fact were maintained when Joe Biden took office. However, economists worry that conditions are different now and that tougher tariffs will have a greater impact.
The newspaper report said it is still unclear what sectors will be affected by the plans, although early discussions are looking at various industrial metals, medical supplies and energy.
The United States has a $74 billion monthly trade deficit that exploded during the Covid pandemic.
