Trump to hold fire on immediate tariffs, call for trade deficit review

President's team still debating size and targets of additional levies

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U.S. President Donald Trump speaks during the inaugural parade inside Capital One Arena in Washington on Jan. 20. © Reuters

JACK STONE TRUITT and PAK YIU

NEW YORK/WASHINGTON -- U.S. President Donald Trump will not impose any new tariffs on his first day in office, but he will call for a sweeping review of trade relationships with countries likely to include China, Canada and Mexico.

The White House will direct agencies to "investigate and remedy persistent trade deficits that harm our economy and security," according to a draft memo seen by Nikkei Asia. The document makes no mention of immediate tariffs.

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