U.S. President Donald Trump is rushing to finalize the details of his new tariff policy ahead of the administration’s self-imposed Wednesday deadline.
According to reports, Trump’s team is exploring various options as it moves forward with its promise to reshape the American economy through a series of new tariffs.
Citing unnamed sources familiar with the discussions, The Wall Street Journal reported that a key issue under debate is whether to implement individualized tariff rates for different U.S. trading partners.
In recent weeks, Trump has hinted at this approach while also considering a broad-based tariff plan, which aligns with his campaign pledge to impose a universal tariff affecting almost every country engaged in trade with the U.S.
According to WSJ, Trump’s advisers have weighed the possibility of global tariffs of up to 20%, which would impact nearly all U.S. trading partners.
Additionally, the administration is evaluating the introduction of industry-specific tariffs, particularly targeting key minerals and related products.
Reports notes that tariffs are customs duties imposed on certain imported goods or product categories.
Governments use tariffs to support domestic industries by making locally produced goods more competitive in the market, among other economic objectives.