Donald Trump won’t announce new tariffs on Day 1 after inauguration as US President: Report

Donald Trump Oath Ceremony: Donald Trump will issue a broad trade memo but won't impose new tariffs on his first day in office after taking oath as 47th President of the United States.

Trump would, instead, direct federal agencies to evaluate US trade relationships with China, Canada and Mexico, an incoming Trump administration official said.

President-elect Trump, who takes office on Monday, has pledged tariffs of 10 per cent on global imports, 60 per cent on Chinese goods and a 25 per cent import surcharge on Canadian and Mexican products, duties that may upend trade flows, raise costs and draw retaliation.

The upcoming official, confirming a Wall Street Journal report, said Trump will direct agencies to investigate and remedy persistent trade deficits and address unfair trade and currency policies by other nations, a Reuters report said.

The memo will single out China, Canada and Mexico for scrutiny but will not announce new tariffs, the official said. It will direct agencies to assess Beijing's compliance with its 2020 trade deal with the US, as well as the status of the US-Mexico-Canada Agreement, or USMCA, the official said.

Broad trade memo

An incoming Trump administration official has confirmed an earlier report from the Wall Street Journal. Trump will issue a broad trade memo but stop short of imposing new tariffs on his first day in office, the official said, as reported by the Reuters news agency.

Trump, 78, who won the US Presidential elections in November, defeating Democrat Kamala Harris, will succeed incumbent President Joe Biden.

Different US media reports suggested that Trump will sign anything between 100 and 200 executive orders on the first day after being inaugurated as 47th President of the United States of America on Monday.

Inauguration Day orders will focus on border security, energy, reducing the cost of living for American families, ending Diversity, Equity, and Inclusion (DEI) programs across the federal government, Fox News said in a report.

The Republican leader has threatened to slap 25-per cent tariffs on the US’s neighbours – Canada and Mexico – on his first day in the White House, as well as additional tariffs on imports from China.

The threat, made in November, has spurred widespread concern and warnings that tariffs could negatively impact the American economy.

(With Reuters inputs)