Trump Denies Washington Post's Tariff Plan Report

Investing.com -- U.S. President-elect Donald Trump denied a report published by the Washington Post on Monday, which stated that his team is evaluating a tariff plan that would be applied to every country and only cover critical imports. Trump referred to the report as "fake news" on the social media platform Truth Social.

The Washington Post report, based on three anonymous sources, suggested that there are ongoing discussions regarding the imposition of tariffs on specific sectors vital to national or economic security. This would represent a significant shift from Trump's promises made during his 2024 presidential campaign.

The report indicated that the prospect of a less aggressive tariff policy from the Trump administration led to a strong positive reaction in European stocks and currencies on Monday.

The Republican Trump, who will take office on January 20, had promised during his campaign to impose a 10% tariff on all global imports to the U.S. and a 60% tariff on goods from China. Trade experts had warned that such taxes could disrupt trade flows, increase costs, and provoke retaliation against U.S. exports.

The Washington Post's report also noted that the plans are still under discussion and have not yet been finalized. However, it did not specify which sectors would be affected by these tariffs.

According to the report, preliminary discussions primarily focused on several key sectors that Trump's team aims to bring back to the U.S. These sectors include the defense industry supply chain, critical medical supplies, and energy production. The report cited two individuals suggesting that tariffs could apply to steel, iron, aluminum, and copper; syringes, needles, vials, and pharmaceutical materials; as well as batteries, rare earth elements, and solar panels.

"The news in the Washington Post incorrectly states that my tariff policy will be rolled back. This is false," Trump wrote, without providing details about the tariff plan.