President Donald Trump’s administration is quickly finalizing details of a new tariff plan ahead of a self-imposed deadline set for Wednesday.
The administration is evaluating multiple approaches to fulfill its commitment to reshape the American economy through significant tariff changes.
According to The Wall Street Journal, citing unnamed individuals familiar with the internal discussions, a central point of debate is whether to impose customized tariff rates for individual U.S. trading partners.
In recent weeks, Trump suggested this approach, in addition to an alternative option of implementing uniform tariffs impacting nearly every country trading with the U.S.
The report further stated that Trump’s advisers have discussed applying global tariffs of up to 20%, which would significantly affect most U.S. trading partners.
Additionally, the administration is contemplating new targeted tariffs focusing on specific industries, particularly those involving essential minerals and related products.
Typically, tariffs are enacted by governments to support domestic producers, helping them remain competitive within the market.
