U.S. President-elect Donald Trump held a press conference at Mar-a-Lago in Palm Beach, Florida, where he made remarks about his plans for the presidency. Amid reports that his administration was considering limiting universal tariffs to cover only critical imports, Trump denied these speculations, causing European markets to rally.
The initial reports had led to a significant rise in the pound, but Trump’s denial eased these gains, with the pound ending the day up 0.85 per cent. The FTSE 100 also saw a slight increase, closing 0.3 per cent higher at 8,249.66.
During his campaign, Trump had proposed tariffs between 10 per cent and 20 per cent on all imports into the U.S. The reports indicated that his administration was considering focusing tariffs on specific sectors crucial to national or economic security, such as the industrial supply chain, critical medical supplies, and energy production.
However, Trump took to his social media platform, Truth Social, to refute these claims, stating that the article was “wrong” and that his tariff policy would not be pared back as suggested.
As the world eagerly awaits Trump’s official actions once he takes office, his statements and decisions regarding tariffs will undoubtedly have significant implications for international trade and economic relations.
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Video “LIVE: Donald Trump announces plans for Presidency in Florida” was uploaded on 01/07/2025 to Youtube Channel The Times and The Sunday Times