President Donald Trump will not implement sweeping tariffs on the first day of his presidency as previously threatened. Instead, he will direct federal agencies to review trade policies and recommend actions. The review will encompass existing tariffs, trade agreements like USMCA, intellectual property rights, and purchasing of American-made goods. The administration will also explore creating an External Revenue Service to collect tariff revenue.
President Donald Trump isn’t expected to carry through on his threat to impose sweeping tariffs on the first day of his presidency, a move that economists have warned could lead to higher prices for Americans and hurt U.S. businesses. Instead, Trump will direct federal agencies to examine different areas of trade policy and recommend actions, according to a person familiar with the plans.
He has argued they would protect American industries from unfair competition by making goods from overseas more expensive and encourage companies to relocate manufacturing to the U.S. in order to avoid paying tariffs. He’s also touted using revenue collected from tariffs to pay for other policy priorities and deploying tariffs as a negotiating tool to get concessions from countries. But economists have warned that tariffs would drive prices higher and trigger another wave of inflation.
TARIFFS TRUMP TRADEPOLICY USMCA ECONOMY
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