Trump to evaluate trade ties with key countries without imposing new tariffs: Report

Donald Trump will issue a broad trade memo on Monday that stops short of imposing new tariffs on his first day in office, but rather directs federal agencies to evaluate US trade relationships with China, Canada and Mexico, the Wall Street Journal reported on Monday.

Follow our live blog for the latest updates from Donald Trump’s inauguration today

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

Citing a summary of a memo that the Journal said Trump plans to issue, the newspaper said Trump will direct agencies to investigate and remedy persistent trade deficits and address unfair trade and currency policies by other nations.

ALSO READ: Putin congratulates Trump ahead of inauguration, open to talks on Ukraine and nuclear arms

The memo singles out China, Canada and Mexico for scrutiny, the newspaper reported. It directs 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 newspaper reported.

But the memo does not impose any new tariffs, the newspaper added.

There was no immediate comment from Trump aides on the Journal’s reporting.