Trump could declare national economic emergency to justify universal tariffs, CNN reports | Global News Avenue

President-elect Donald Trump is Consider declaring a national economic emergency In order to implement its wide-reaching tariff policy, four people familiar with the matter told CNN.

According to CNN, a statement of this nature would give Trump the authority to enact a tariff plan that was the culmination of his move to the White House via the International Economic Emergency Powers Act. The act, also known as IEEPA, allows the president to oversee imports during times of national crisis.

Stock futures weaken The U.S. dollar gained against most other currencies following the CNN report.

CNN sources pointed out that Trump has not yet reached a final decision on whether to declare a national emergency. Trump’s team is also evaluating other legal arguments, such as pointing to specific sections of U.S. trade law, CNN reported.

During the campaign, Trump frequently proposed imposing taxes on imported products. call Sometimes 60% or more is charged for Chinese products. Weeks after his victory, the Republican swear Increase tariffs on Chinese imports by 10% and impose 25% tariffs on products from Canada or Mexico.

washington post Monday report Trump will narrow the focus of tariffs, and Wall Street appears to favor that approach. But the president-elect later denied the report.

Read CNN’s full report here.