Trump is reportedly considering making a significant change to his tariff plans.

According to a Washington Post report, President-elect Donald Trump is considering a plan that would apply tariffs to a select set of goods and services, rather than all nations.

According to sources, Trump's new approach to tariffs may not be as effective as his previous ideas, but it will still bring significant changes to global trade.

The report emerges with worries that the new president's plan to impose high tariffs on China and Mexico could lead to inflation.

Despite Trump's imposition of tariffs during his first term, their impact on import prices was minimal and they were maintained by Biden. However, economists are concerned that the current circumstances may necessitate more aggressive tariffs.

Despite the Post report stating that it is unclear which sectors will be impacted by the plans, early discussions have considered various industrial metals, medical supplies, and energy.

The monthly trade deficit in the U.S. has increased to $74 billion, significantly higher than before the Covid pandemic.