LIVE: Donald Trump announces plans for Presidency in Florida

U.S. President-elect Donald Trump makes remarks at Mar-a-Lago in Palm Beach.

Trump has denied reports that his incoming White House administration is considering limiting his proposed universal tariffs to cover only imports deemed critical to the United States, which briefly caused European markets to rally.

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Trump’s denial led the pound to ease earlier gains — it had risen over 1 per cent — and it ended the day up 0.85 per cent. The FTSE 100 was 0.3 per cent higher at 8,249.66.

As a presidential candidate, Trump called for tariffs of between 10 per cent and 20 per cent on everything imported into the US.

According to The Washington Post, aides were considering focusing on imports in certain sectors deemed critical to national or economic security. These included the industrial supply chain — through tariffs on steel, iron, aluminium and copper — as well as critical medical supplies and energy production, though it was unclear whether other industries might also be subject to tariffs.

However, the president-elect said on his social media platform, Truth Social, that the article was “wrong” and that it “incorrectly states that my tariff policy will be pared back”.



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