Trump considering tariffs for only critical imports, Washington Post reports

Aides to President-elect Donald Trump are considering tariff plans that would be applied to every country, but would cover only critical imports, a shift from his plans during the 2024 presidential campaign, The Washington Post’s Jeff Stein reports. If implemented, Trump’s plans would still be likely to carry major consequences for the U.S. economy and consumers, but would pare back the most sweeping elements of Trump’s campaign plans. Trump previously called for “universal” tariffs of as high as 10% or 20% on everything imported into the U.S. It is unclear which imports or industries would face tariffs, though sources say preliminary talks have largely focused on several key sectors that the Trump team wants to bring back to the U.S., including the defense industrial supply chain through tariffs on steel, iron, aluminum and copper, medical supplies, and energy production, through batteries, rare earth minerals, and solar panels. Publicly traded steel companies that may be impacted include ArcellorMittal (MT), Steel Dynamics (STLD), Nucor (NUE), and U.S. Steel (X), with copper companies including Southern Copper (SCCO) and Freeport McMoRan (FCX), and iron companies including BHP (BHP), Rio Tinto (RIO), Vale (VALE), and Cleveland-Cliffs (CLF). Publicly traded solar companies that may be impacted include Array Technologies (ARRY), Emeren (SOL), FTC Solar (FTCI), First Solar (FSLR), Maxeon Solar (MAXN), Shoals Technologies (SHLS), SolarEdge (SEDG) and SunPower (SPWR). Publicly traded rare earths companies include MP Materials (MP), Energy Fuels (UUU), and NioCorp (NB).