U.S. President-elect Donald Trump estimates remarks at Mar-a-Lago in Palm Beach, Florida, U.S. Jan. 7, 2025.
Carlos Barria | Reuters
President-elect Donald Trump is contemplating racket a national economic emergency to implement his wide-reaching tariff policies, four sources familiar with the matter informed CNN.
A declaration of this nature will give Trump power to create the tariff program he made a pinnacle of his electioneer for the White House through the International Economic Emergency Powers Act, CNN reported. Also known as IEEPA, the act allows the president to direct imports in a period of national crisis.
Stock futures weakened following the CNN report on Wednesday morning and the U.S. dollar gained in value against most other currencies.
CNN’s informants noted that a final decision has not been reached on whether Trump will declare a national emergency. Trump’s line-up is also evaluating alternative legal arguments, such as pointing to specific sections of the U.S. trade law, per CNN’s reporting.
The Trump evolution team did not immediately respond to CNBC’s request for comment.
Trump pitched taxes on imports frequently on the campaign beaten path, calling at times for fees of 60% or more on Chinese products. Weeks after his victory, the Republican vowed to hike price-lists on Chinese imports by 10% and slap 25% fees on products coming from Canada or Mexico.
The Washington Hang up reported Monday that Trump would narrow the focus of his tariffs, an approach Wall Street seems to favor. But the president-elect later denied that put out.
Read CNN’s full story here.