Trump Goes Easy on Tariffs After CEOs Pay Homage

Leigh Kimmins
Mon, January 6, 2025 

President-elect Donald Trump’s aides have suggested that the MAGA chief will row back slightly on his campaign promise of sweeping tariffs on all imports entering the U.S., according to the Washington Post.

Trump campaigned on aggressive tariffs despite many economists’ warning about subsequent price increases for American consumers. Now, sources familiar with the matter have told WaPo that they will only cover critical imports. Industries deemed vital to national and economic security will now be targeted instead of the original proposal of “universal tariffs” going ahead, the insiders said.

WaPo reported that the change in tone “would jettison a key aspect of Trump’s campaign pledge,” but cited the insiders who said that nothing is set in stone yet.

It is likely, however, that industries that Trump wants to return to the U.S. will be the main focus of the import duties. Tariffs on steel, iron, aluminum and copper, were earmarked by aides, the sources said.

So too were critical medical supplies like syringes, needles, vials and pharmaceutical materials; and energy production implements like batteries, rare earth minerals and even solar panels, they added.

Trump campaigned on aggressive tariffs. / Chip Somodevilla/Getty Images

Trump’s campaign promise would have seen the price of food imports and cheap consumer electronics skyrocket, but the latest reported tweaks mean producers in these fields may be able to breathe a sigh of relief.

However, people familiar with the matter said slated tariffs on Mexico, Canada and China could be imposed along with the universal tariffs.

“The sector-based universal tariff is a little bit easier for everybody to stomach out the gate. The thought is if you’re going to do universal tariffs, why not at least start with these targeted measures?” one of the people told WaPo. “And it would still give CEOs a massive incentive to start making their products here.”

Bezos dined at Mar-a-Lago last month, and his company donated $1 million to Trump’s inauguration. / The Washington Post / The Washington Post via Getty Im

It comes after a host of billionaires enjoyed an audience with Trump at Mar-a-Lago in recent weeks. Among them was Washington Post owner Jeff Bezos, who reportedly jostled for the president-elect’s attention with his right hand man Elon Musk.

Bezos has pledged to donate $1 million to the Trump inauguration through Amazon, while Musk, the SpaceX CEO and X owner, is believed to have poured at least $277 million into backing his main ally.

Apple’s Tim Cook dined with Trump at the Florida resort a few weeks ago, and just last week announced that he too plans to donate $1 million.

Among the others to bend the knee was OpenAI chief executive Sam Altman, who pledged to personally donate $1 million to Trump’s inaugural fund. “President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead,” Altman said in a statement.

Mark Zuckerberg’s Meta, the parent company of Facebook and Instagram, also plans to send $1 million towards the kitty. The inaugural committee is projected to raise more than $150 million, according to reports. “There is an absolute deluge of interest,” a Republican fundraiser told ABC News.

Traditionally Musk-critical Mark Zuckerberg has pledged $1 million for his inauguration / Manuel Orbegozo/Reuters

Even Bill Gates, who reportedly backed Kamala Harris to the tune of $50 million, is said to have courted Trump. Writing on Truth Social last month, Trump said the former CEO of Microsoft—whom Forbes says is the 16th richest in the world—personally asked for an audience with him.

“In the first term, everyone was fighting me,” Trump said at Mar-a-Lago last month. “This time, everyone wants to be my friend.”

Meanwhile, Trump addressed the Washington Post tariffs story on Truth Social, calling it “fake news.” He wrote on Monday morning: “The story in the Washington Post, quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back. That is wrong. The Washington Post knows it’s wrong. It’s just another example of Fake News.”