Former Congressional Budget Office Director Doug Holtz Ekin explains the impact the tariffs will have on the Canadian economy and shares his thoughts on President-elect Trump's agenda and House Speakership vote.
President-elect Donald Trump A report on Monday denied that his transition team is considering a pared-back tariff plan that would be less expansive than what he proposed during his campaign.
The Washington Post reported, Trump aides were drawing up a plan that would see an across-the-board tariff that would apply to every country but only cover imported goods deemed critical to national or economic security, rather than all imported goods, according to three people familiar with the matter.
Such a policy would represent a significant shift from the tariff plans that Trump outlined on the campaign trail, which included proposals for 10% or 20% tariffs on all imported goods, as well as 60% tariffs on Chinese goods. However, the President-elect denied the report in a social media post.
“The Washington Post story, citing so-called anonymous sources that don't exist, falsely stated that my tariff policy would be rolled back. It's wrong. The Washington Post knows it's wrong. It's just another example of fake news,” Trump wrote in a post on Truth Social.
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President-elect Trump has pushed back on reports that his transition team is dialing back his tariff plan. (Alison Robert-Pool/Getty Images/Getty Images)
The Post reports that the plans are in flux and have not been finalized, and it is unclear from the report which industry sectors will be targeted by the tariffs. According to the report, the focus is on preliminary discussions Duties on imports Defense industry deals with supply chain, critical medical supplies and energy production.
Reuters reported last month that A The Trump Transition Team The document recommended imposing tariffs on all electric battery materials worldwide to boost U.S. production, and then negotiate individual exemptions with U.S. allies.
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President-elect Trump proposed tariffs of 10% or 20% across the board on all imports during his campaign. (Photographer: Brett Carlsen/Bloomberg via Getty Images/Getty Images)
It “calls for charging a duty”The EV supply chainImport including batteries, critical minerals and charging components.
The proposal reviewed by Reuters said the administration should use Section 232 tariffs, which are used to mitigate national security threats, to limit imports of such products.
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In recent years, the Department of Defense has highlighted US strategic weaknesses China dominates Mining and refining important minerals like graphite and lithium that are needed for batteries, as well as rare-earth metals used in both EV motors and military aircraft.
Reuters contributed to this report.