United States President-elect Donald Trump is contemplating the declaration of a national economic emergency to legally support the imposition of extensive universal tariffs, CNN reported on Wednesday, citing four people familiar with the matter.
According to the outlet, the proclamation would enable Trump to develop a fresh tariff initiative through the use of the International Economic Emergency Powers Act, referred to as "IEEPA." This act grants the president the unilateral authority to regulate imports in times of national emergency.
Before assuming office, Trump declared his intention to implement a 25% tariff on all products imported from Mexico and Canada. Additionally, he committed to imposing "huge tariffs" on the European Union and proposed a 10% tariff on imports from China.
