Report: Trump Considering 5% Tax on Foreign Imports

President-elect Donald Trump and his team are considering an executive action once in office to impose taxes on foreign imports, CNN reported Wednesday. Citing multiple anonymous sources, the report says soon-to-be White House chief of staff Reince Priebus has been telling businessmen that Trump is considering imposing a 5 percent tax on all foreign imports, an idea that has triggered fierce opposition from some in D.C. While such a tax would be in keeping with Trump’s “America First” motto, it would also alienate pro-trade Republicans. CNN reported that one unnamed business-community organization has already prepared talking points to address the proposed tax. The tax “would impose heavy costs on the U.S. economy, particularly for the manufacturing sector and American workers, with highly negative political repercussions,” the talking points warned. The sources cited in the report all said that while business lobbying groups could fight the introduction of any such tax, Trump and his team are debating using executive authority to override any resistance.