President-elect Donald Trump's transition team is pondering an early executive action to impose tariffs on foreign imports, according to CNN. Roselle Chen reports.
President-elect Donald Trump's transition team is considering an early executive action to slap tariffs on foreign imports, according to CNN. The network quotes sources saying a five percent tax is one idea debated internally. On the campaign trail, Trump said he would nix the North American Free Trade Agreement with Mexico and Canada. He vowed to take a tougher stance against China and other trading partners. Max Wolff of 55 Capital warns tariffs could have dire consequences. (SOUNDBITE) MAX WOLFF, MARKET STRATEGIST, 55 CAPITAL, (ENGLISH) SAYING: "It's a good idea to have a cogent trade policy that supports your national interest and the prosperity of the country. That being said, raising tariffs is a tit for tat game. Everybody imagines they can do it, and others won't, that never happens, and what it generally does, it impoverishes both sides because the truth is we tend to gain more than we lose from trade." Asked for comment, Trump's transition team spokesperson, Jason Miller, said it was too soon to speculate about specifics on the President-elect's trade plans.