President-elect Donald Trump's first trade policy action will not involve imposing tariffs on U.S. trading partners. Instead, he will issue a memorandum directing federal agencies to study unfair trade practices and currency policies of other nations, particularly China, Canada, and Mexico.
President-elect Donald Trump is expected to sign a series of executive orders upon his inauguration, but imposing tariffs on U.S. trading partners will not be among his initial actions on Monday, according to a report by The Wall Street Journal. Trump is set to issue a broad trade memorandum on Monday that instructs federal agencies to scrutinize and evaluate unfair trade practices and currency policies employed by other nations, particularly China, Canada , and Mexico.
However, the memorandum refrains from implementing any new tariffs on these countries, as confirmed by the Journal, which reviewed a summary of the document and consulted with Trump's advisors. When questioned about Trump's trade policy on Monday morning prior to the inauguration, White House officials alluded to the Journal's report, substantiating the claims. Trump's approach to trade appears to be evolving from his campaign pronouncements. His team has been deliberating a phased implementation of tariffs, incrementally rising by approximately 2% to 5% each month on trading partners, a departure from his initial economic campaign strategy. During his campaign, Trump had proposed a 20% levy on all imports from all countries, with a particularly stringent 60% rate specifically targeting Chinese goods. Many economists expressed apprehensions that such protectionist trade policies could elevate the costs of producing goods and inflate consumer prices, potentially hindering the global economic recovery from pandemic-induced inflation surges
DONALD TRUMP TRADE POLICY TARIFFS CHINA CANADA MEXICO
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Record Trade Surplus as China Races to Beat Trump Tariff ThreatsExports rose faster than expected, according to official customs data.
Read more »
Trump's Trade Advisers Weigh Tariff StrategyDonald Trump's team is exploring a tariff strategy that could resemble his campaign promises, but with adjustments to address economic and political concerns.
Read more »
Trump tariff threats fuel frontloading of trade shipments into U.S., led by ChinaCompanies are expediting cargo shipments into the U.S. ahead of new tariffs from President-elect Trump, with Chinese trade the biggest on the move.
Read more »
Mexico and EU Announce Revamped Trade Deal Amid Trump Tariff ThreatMexico and the European Union have announced a revised trade agreement aimed at boosting trade and investment. The deal, agreed upon days before the inauguration of U.S. President-elect Donald Trump, who has threatened tariffs on Mexico, seeks to lower Mexican tariffs on European food imports, remove barriers for European investment in Mexico, and promote Mexican exports of raw materials. The updated agreement also emphasizes strategic cooperation on global issues.
Read more »
Trump Tariff Hike Could Mean Higher Prices for ConsumersPresident-elect Trump's plan to increase tariffs on imported goods could lead to significant price hikes for consumers, according to economic experts. The ABC7 I-Team investigates the potential impact on household budgets and advises shoppers to take advantage of current sales.
Read more »
Trump's Greenland Tariff Threat Could Raise Prices for Lego, Ozempic and WegovyPresident-elect Donald Trump's threat to impose tariffs on Denmark if it doesn't allow Greenland to join the US could lead to higher prices for popular weight-loss drugs like Ozempic and Wegovy, as well as Lego toys. Denmark is a major supplier of these goods to the US.
Read more »