Cable News Network (CNN) reported on Wednesday, quoting informed sources, that U.S. President-elect Trump is considering declaring a national economic emergency to provide a legal basis for imposing a broad range of tariffs on both allies and adversaries.
The report states that this move would allow Trump to invoke the International Emergency Economic Powers Act to establish a new tariff plan, which grants the president authority to manage imports during a national emergency.
The informed sources pointed out that Trump favors this law because it allows greater jurisdiction in how tariff measures are implemented, without having to strictly prove that tariffs are necessary for national security.
The sources indicated that nothing is impossible.
They acknowledged that Trump's team has already discussed declaring a national emergency.
Trump is set to take office on January 20. Before his inauguration, he vowed to impose a 10% tariff on goods imported globally into the United States, and a 60% tariff on Chinese goods.
He also stated that he would impose a 25% tariff on products imported from Canada and Mexico on his first day in office.
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