We may not have to look up just which countries will have higher U.S. tariffs. It might be every country.

I'm David Brancaccio. Markets are moving especially the U.S. dollar down 1% to the euro this morning,

with financial players focused on a published report, suggesting the incoming administration will apply tariffs to every country but not everything.

Economist Julie Coronado is founder of macro policy perspectives. Hi, Julia. Good morning.

Making the rounds is this piece today in The Washington Post. It cites unnamed sources, but people familiar with the matter, putting some nuance to the Trump

administration's plans on what? Tariffs?

That's right. So the story is that, yes, we're going to see tariffs imposed on every country,

but it's not going to be the universal tariffs, that is tariffs on all imports that Trump ran on, that it would potentially be more

selective and narrowed down to imports that are deemed critical for certain areas.

So universal in the sense of countries that it applies to, everybody, but not universal in terms of the product.

That's right. They were talking about 10% to 20% universal tariffs on every product. That would

affect a lot of consumer goods. This would be more specific to goods relevant for the technology

supply chain or the medical care supply chain. So that would be good news for

consumers and the dollar is weakening on the news. Right. So you can actually draw a line between

Jeff Stein's piece in the Washington Post and the dollar sinking a bit. Yes, that's right. The tariff

plan has been driving the dollar higher for months,

and so if it's walked back even a bit, that would be relevant news for the market.

Economist Julie Coronado, macro policy perspectives. Thank you. My pleasure.

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