President-elect Donald Trump has denied a report suggesting his administration might limit the scope of his proposed tariffs. In a post on Truth Social, Trump called the report “Fake News.” He said his tariff policy stands as originally proposed during his 2024 presidential campaign. The report cited unnamed sources who said Trump’s aides were considering tariffs on only certain critical imports.
This would be a big shift from Trump’s campaign promises. He had proposed a 10% tariff on all global imports to the US and a 60% tariff on Chinese goods. These tariffs are expected to disrupt trade and raise costs.
They could lead to retaliatory measures against US exports. European stocks and currencies rose after the report was published.
Tariff commitment sparks global reactions
However, Trump, who will take office on January 20, restated his commitment to the original tariffs plan. The aides in the report said the plans were still being discussed and not final. They suggested focusing on key sectors the Trump administration wants to revitalize in the United States.
These reportedly include the defense industrial supply chain, critical medical supplies, and energy production. Last month, Reuters reported on a Trump transition team document. It recommended tariffs on all electric battery materials globally to boost US production.
It included plans to negotiate exemptions with allies. Trump’s reaffirmation of his aggressive tariff policy continues to signal a shift towards protectionism in US trade policy. It aims to bolster domestic industries but risks major international trade repercussions.
