Trump not expected to carry through on Day 1 tariff threats [View all]
Source: NBC News/CNBC
Jan. 20, 2025, 1:03 PM EST
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. The agencies will also be directed to review existing tariffs and trade agreements, like the USMCA agreement negotiated during Trump’s first term, along with policies related to intellectual property rights and the purchasing of American-made goods, the person said. The administration will also study the idea of creating an External Revenue Service to collect tariff revenue.
The plans were first reported by The Wall Street Journal and an administration official confirmed that report.
Trump had previously said that during his first day in office he would impose a 25% tariff on all goods coming into the U.S. from Canada and Mexico. The tariff would remain in place until “such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” Trump said in a post on Truth Social on Nov. 25.
Read more: https://www.nbcnews.com/business/business-news/trump-not-expected-carry-day-1-tariff-threats-rcna188407
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