Trump could declare a national economic emergency to justify widespread tariffs, CNN reports | Wilnesh News

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 power to enact the tariff plan that was the culmination of his entry into the White House through 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 were weaker after the CNN report and the dollar gained against most other currencies.

CNN (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, according to CNN.

Trump frequently proposed taxes on imported products during his campaign, sometimes calling for tariffs of 60% or higher on Chinese products. Weeks after their victory, Republicans vowed to increase tariffs on Chinese imports by 10% and impose 25% tariffs on products from Canada or Mexico.

The Washington Post reported on Monday that Trump would narrow the focus of his tariffs, and Wall Street appeared to favor such an approach. But the president-elect later denied the report.

Read CNN’s full report here.