According to a WSJ report, the Trump trade memorandum will not impose new tariffs on the first day.
According to the Wall Street Journal, President-elect Donald Trump will not impose tariffs on U.S. trading partners as one of his first actions upon being sworn in.
Trump will issue a trade memorandum on Monday that instructs federal agencies to investigate and evaluate unfair trade practices and currency policies with other countries, including China, Canada, and Mexico. Despite this, the memo does not impose any new tariffs on these countries, as reported by the Journal, which obtained a summary of the memo and spoke to Trump's advisors.
White House officials confirmed the accuracy of a Journal story about Trump's trade policy during an interview Monday morning.
The president-elect's plan on trade may change from what he promised during the campaign. According to Bloomberg News, his camp is considering a plan to gradually increase tariffs by 2% to 5% each month on trading partners.
Trump's economic campaign pitch included universal tariffs, with a proposed 20% levy on all imports from all countries, and a particularly harsh 60% rate for Chinese goods.
The implementation of protectionist trade policies could increase the cost of production and lead to higher consumer prices, according to many economists, as the world recovers from inflation spikes caused by the pandemic.
— Click here to read the original story from the Wall Street Journal.
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