The Washington Post, citing three people familiar with the matter, reported on Monday that President-elect Donald Trump's advisers are considering a tariff plan that would apply to all countries but would be limited to certain key imports.
If implemented, the plan would represent a significant scaling back of the 10 to 20 per cent "universal tariff" that Mr Trump proposed during his presidential campaign, a move that economists predict would push up consumer prices and distort global trade patterns.
The dollar fell against most major currencies after the report, with the Bloomberg Dollar Spot index falling 0.9%, its biggest drop since November, while the euro rose more than 1% against the dollar.
The Trump transition team did not immediately respond to a request for comment.
It is unclear exactly which industries or commodities the new administration will target, but it may focus on areas that Trump wants to bring back to the United States.
Trump's focus is likely to include defense industry supply chains (through tariffs on steel, iron, aluminum, and copper), as well as critical medical supplies such as syringes, needles, vials, and pharmaceutical materials.
Two of the people said Trump could also target energy materials, including batteries, rare earth minerals and solar panels.
It is unclear whether Trump's proposed universal tariff plan would also apply to other policies.
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