The Washington Post reports:

President-elect Donald Trump’s aides are exploring tariff plans that would be applied to every country but only cover critical imports, three people familiar with the matter said — a key shift from his plans during the 2024 presidential campaign.

If implemented, the emerging plans would pare back the most sweeping elements of Trump’s campaign plans but still would be likely to upend global trade and carry major consequences for the U.S. economy and consumers.

As a candidate, Trump called for “universal” tariffs of as high as 10 or 20 percent on everything imported into the United States. Many economists warned that such plans could cause price shocks, and many Republicans in Congress might have criticized them.

Two weeks before Trump takes office, his aides are still discussing plans to impose import duties on goods from every country, the people said. But rather than apply tariffs to all imports, the current discussions center on imposing them only on certain sectors deemed critical to national or economic security — a shift that would jettison a key aspect of Trump’s campaign pledge, at least for now, said the people, who cautioned that no decisions have been finalized and that planning remains in flux. The people spoke on the condition of anonymity to describe private conversations. [Continue reading…]