Trump is reportedly considering a major tweak to tariff plans

president-elect donald trump is considering a plan that would still apply tariffs to all nations but limit the focus to a select set of goods and services, according to a Washington Post report.

The new approach on tariffs would probably not be as powerful as Trump’s previous ideas, but would still cause major changes in global trade, the newspaper said, citing people familiar with Trump’s thinking.

Trump, however, disputed the report. in a post about social truth.

“The Washington Post article, which cites so-called anonymous sources, which do not exist, incorrectly states that my tariff policy will be reduced. That is wrong,” he wrote.

The report comes amid concerns that the incoming president’s insistence on imposing universal tariffs of 10% or 20% and specifically targeting China and Mexico would cause another spike in inflation.

During Trump’s first term, tariffs on a wide range of imports did little to raise prices overall and, in fact, remained in place when joe biden took over as president. However, economists worry that conditions are different now and that aggressive tariffs will have a bigger impact.

The Post report said it is not yet clear which sectors would be affected by the plans, although early discussions focus on various industrial metals, medical supplies and energy.

The United States has a monthly trade deficit of $74 billion that skyrocketed during the Covid pandemic.