President-elect Donald Trump flatly denied Washington Post reporting that his team is looking into scaling back his promise to impose universal tariffs on imports.

“The story in the Washington Post, quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back,” Trump said on Truth Social. “That is wrong. The Washington Post knows it’s wrong. It’s just another example of Fake News.”

The Washington Post, citing three people familiar with the matter, reported that Trump’s aides were considering a plan to enact universal tariffs on imports from critical sectors for national security and economic security. The people who spoke to the Washington Post cautioned that no decisions had been made at this point.

The revised tariff plan would be a departure from Trump’s campaign promise to implement 10 to 20 percent tariffs on all imports. Trump routinely vowed during his 2024 campaign that across-the-board tariffs would be coming if he won another term, though he provided few details.

Most economists believe such wide-ranging tariffs would be inflationary and immediately upend the global trade system. Trump’s allies argue that the tariffs are necessary to promote American industries and national security rather than relying on foreign nations to produce key goods.

The outgoing Biden administration has largely maintained Trump’s selective tariffs from his first term while creating new tariffs on industries the White House considers essential to its green energy agenda and industrial policy goals.

Ahead of his inauguration, Trump has already floated fresh tariffs on Mexico and Canada for failing to assist the U.S. with curtailing illegal immigration at the southern border. After meeting with leaders from both nations, Trump toned down his rhetoric and appeared to have been satisfied with the conversations.

He also threatened to hit China with a new 10 percent tariff for failing to restrict the flow of fentanyl into Mexico and the U.S., a lower figure than the 60 percent number he suggested on the campaign trail.

Trump has called tariff “the most beautiful word in the dictionary” and his commitment to tariffs dates back the beginning of his political career almost a decade ago. For Trump, the tariff is as much a negotiating tool as it is an economic lever to bolster certain American industries.

The president-elect’s economic policy picks such as Treasury secretary nominee Scott Bessent and Commerce secretary choice Howard Lutnick are likely to play key roles in fleshing out the details of Trump’s economic agenda.

With inflation continuing to effect American pocketbooks, targeted tariff measures could provide industry with incentives to promote American industries without creating an economy-wide shock to begin Trump’s second term. Once Trump returns to office, he will have the ability to enact new tariffs through executive orders if he follows through on his promises.