Donald Trump to lay out trade vision but won't impose new tariffs yet, official says
Donald Trump will issue a broad trade memo on Monday that stops short of imposing new tariffs on his first day in office but directs federal agencies to evaluate U.S. trade relationships with China, Canada and Mexico, an incoming Trump administration official said, an unexpected development that triggered a dive in the dollar and a rally in global stocks.
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President-elect Trump, who takes office at noon EST (1700 GMT), has promised to impose steep tariffs of 10% to 20% on global imports into the U.S., 60% on goods from China to help reduce the U.S. trade deficits that now top $1 trillion annually.
He said after his election in November that on his first day in office, he would sign the paperwork to impose an immediate 25% import surcharge on imports from Canada and Mexico if they failed to halt the flow of illegal migrants and illicit drugs into the U.S.
Such duties would tear up long-standing trade agreements and threaten to upend supply chains and raise costs, according to trade experts.
The official, confirming a Wall Street Journal report that cited a summary of Trump's memo, said the new president will instead direct agencies to investigate and remedy persistent trade deficits and address unfair trade and currency policies by other nations.
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