A battle is brewing over tariffs among Trump’s team
CNNCNN — President-elect Donald Trump is still pushing for universal tariffs on imports from overseas as his trade advisers are working to craft a strategy to translate his campaign pledges into policy, according to multiple people familiar with the matter. In private discussions, aides are still focused on drawing up plans that hew closely to the blanket tariffs Trump proposed as a candidate — 10% on imports from all countries, with a 60% levy on goods from China — while acknowledging that adjustments may need to be made to accommodate political or economic realities, according to three sources. Trump’s aides are exploring enacting tariffs on a subset of critical industries — either in advance of or alongside a broader tariff program — to highlight trade imbalances and spur US manufacturing activity. The resulting ideological debate is reminiscent of Trump’s first term, when Steven Mnuchin and Gary Cohn — Wall Street alums serving atop Treasury and the National Economic Council, respectively — led a vocal charge to halt or dilute the tariffs Trump was proposing, fearful of retaliation and recession. Trump’s new pick for Treasury secretary, hedge fund investor Scott Bessent, is “not entirely sold” on the idea of universal tariffs on all goods, according to people who have spoken with him.