President-elect Donald Trump on Monday slammed a Washington Put up report claiming he deliberate to reduce his proposed tariffs as “another example of Fake News.”
In an article revealed Monday morning, the newspaper, which is owned by Amazon billionaire Jeff Bezos, reported that the president-elect was contemplating scaling again his “universal” tariff plan to solely have an effect on sure items — a big trim to considered one of his most controversial insurance policies.
“The story in the Washington Post, quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back. That is wrong,” Trump stated in a submit on his social media platform Fact Social.
“The Washington Post knows it’s wrong. It’s just another example of Fake News.”
The Washington Put up article cited three nameless sources accustomed to the marketing campaign. A Washington Put up spokesperson confirmed the publication stands by its reporting.
The paper reported that early talks have mentioned proscribing the tariffs to have an effect on key items whose provide chains the Trump staff needs to convey again to the US.
Beneath the brand new plan, the tariffs would goal the protection industrial provide chain, particularly metal, iron, aluminum and copper; medical provides, like syringes, needles and vials; and power manufacturing, like batteries, uncommon earth minerals and photo voltaic panels, the report stated.
Whereas nonetheless in depth, the reported tariff plan would pale compared to the ten% to twenty% across-the-board import tariff that Trump talked about throughout his marketing campaign.
It’s unclear how the newly reported plan would intersect with Trump’s earlier plans to impose 25% tariffs on Mexico and China, and an extra 10% on China except it cracks down on drug trafficking.
The inner tariff plans are being led by Vince Haley, a Trump marketing campaign aide set to run the White Home Home Coverage Council; Scott Bessent, Trump’s Treasury decide; and Howard Lutnick, Trump’s commerce secretary decide, the Washington Put up reported.
The president-elect has confronted backlash for his proposed tariffs, with some economists fearing the protectionist insurance policies may reheat inflation by elevating enter prices and finally spiking costs for US customers and producers.
On Monday, nevertheless, economists on the American Financial Affiliation convention in San Francisco — together with former Fed Chairman Ben Bernanke — stated Trump’s insurance policies will not be as inflationary as early evaluation had steered.
“Trump policies, whatever their merits on public finance grounds, probably will be modest in terms of their effect on the inflation rate,” Bernanke stated. “Barring some very unusual situation, including perhaps political risks, it doesn’t seem like that’s going to really shift the inflation path radically.”
Different economists in attendance agreed, saying the president-elect’s insurance policies have been unlikely to trigger the horrifying shake-up that analysts had earlier forecast.
“President Trump has promised tariff policies that protect the American manufacturers and working men and women from the unfair practices of foreign companies and foreign markets,” Brian Hughes, a spokesman for the Trump transition staff, informed the Washington Put up in a press release.
“As he did in his first term, he will implement economic and trade policies to make life affordable and more prosperous for our nation.”
Throughout his first time period, Trump launched tariffs on greater than $360 billion price of products from China, specifically metal and aluminum, The Put up reported.
Trump’s transition staff declined to offer additional remark.
