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Trump Team Studies Tariff Options

Advisers are evaluating the idea of monthly, stepped increases, although Trump himself has in the past called reports of a measured rollout false.

By Jenny Leonard and Saleha Mohsin | January 14, 2025 at 01:27 PM
The Muelle Sur terminal in Barcelona, Spain. Photographer: Angel Garcia/Bloomberg.

Members of President-elect Donald Trump’s incoming economic team are discussing slowly ramping up tariffs month by month, a gradual approach aimed at boosting negotiating leverage while helping avoid a spike in inflation, according to people familiar with the matter.

One idea involves a schedule of graduated tariffs increasing by about 2 percent to 5 percent a month, and would rely on executive authorities under the International Emergency Economic Powers Act, the people said. The proposal is in its early stages and has not yet been presented to Trump, the people said—a sign that a monthly stepped approach is early in the deliberation process. Advisers working on the plan include Scott Bessent, the nominee for Treasury secretary; Kevin Hassett, set to be director of the National Economic Council; and Stephen Miran, nominated to lead the Council of Economic Advisers, said the people, who requested anonymity to discuss internal deliberations. Hassett did not reply to a request for comment, nor did a spokesman for Bessent. Miran declined to comment.

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