Trump denies making changes to tariff policy

US President-elect Donald Trump denied media reports that he intends to make changes to the tariff policy that he will implement in his new term, which begins on January 20.

The Washington Post had quoted sources as saying that the president-elect is considering a new plan that still includes imposing tariffs on all countries, but with a specific focus on a select group of goods and services.

The sources said that the new approach to tariffs will not be as strong as Trump’s previous ideas, but it is still likely to cause major changes in global trade. The report indicated that this plan comes at a time when experts are expressing concern that the next president’s insistence on imposing global tariffs of 10% or 20% and targeting countries such as China and Mexico in particular could cause another rise in inflation.

During Trump’s first term, tariffs imposed on a wide range of imports did not lead to a significant increase in prices in general, but were maintained when Joe Biden took office. However, economists believe that current circumstances are different, and that aggressive tariffs may have a greater impact at this time. The report noted that it is still unclear which sectors would be targeted under these plans, although initial discussions indicate that various industrial metals, medical supplies, and energy are being considered. The US economy is suffering from a monthly trade deficit of $74 billion.