Donald Trump campaigned on imposing sweeping tariffs. Now, two weeks before he takes office, Trump’s team is reportedly scaling back that plan. According to a Washington Post report, Trump’s advisers are planning significant changes to his tariff policy, watering down Trump’s promise of universal tariffs on every import to the U.S. Instead, the plan, which is not final, is now for the new administration to levy import taxes on “critical imports,” like medical supplies and energy production, per the report. Trump himself took issue with the Post story, declaring on Truth Social that it was “fake news” but not disputing the underlying premise. Even if limited, the Trump team’s new tariff proposal would still be the biggest in modern history, with potentially seismic impacts on consumer prices and the American economy.
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