US government trade policy announcements, industry reports

Trump Denies Washington Post Report on Critical Import Tariffs; Dollar Drops

Jan 6, 2025, 02:16 PM

Aides to President-elect Donald Trump are exploring tariff plans that would apply to every country but only cover critical imports in sectors such as defense, medical supplies, and energy, according to a report by the Washington Post. This represents a shift from Trump's earlier campaign promises to impose universal tariffs on all imported goods. The report led to significant market reactions, with the U.S. dollar dropping by over 1% against major currencies, European stocks rising, and automaker shares surging by 4.4%. Gold prices also tumbled. However, Trump denied the Washington Post report, stating, "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. The Washington Post knows it's wrong. It's just another example of Fake News." Following his denial, the dollar trimmed its earlier losses.