Trump admin weighs global tariff of 20%: report

People familiar with the matter told the Wall Street Journal that Trump has encouraged his team to make plans that would apply higher tariffs on a larger group of countries. On Sunday night, he said that he would target "essentially all" of the US’s trading partners with some sort of tariffs.

Advisors have reportedly been considering global tariffs of up to 20 percent that would impact nearly all of the country’s trading partners.

An administration official said that the reciprocal tariff plan is also on the table still. Under this plan, the US would match tariffs for countries that institute tariffs on the US.

The administration is working to finalize tariff plans ahead of the April 2 "Liberation Day" set by Trump. Deliberations on plans are centering around whether to impose the individualized tariff rates that Trump has previewed in recent weeks, or institute an across-the-board tariff that would affect nearly every country doing business with the US, as Trump pledged on the campaign trail, people familiar with the conversations told the outlet.

The administration official said that Trump wants the final plan to be "big and simple," which the Wall Street Journal said would likely mean the final plans undertaken by the administration will be broader than those talked about being placed on the US’s largest trading partners, or around 15 percent of the world’s nations.

The administration is also considering unveiling new industry-specific tariffs that could target industries such as critical minerals and products that contain them. Those tariffs are expected to be included in a trade policy review document that the US trade representative’s office is set to deliver to Trump on Tuesday.