President-elect Donald Trump is weighing whether to declare a national economic emergency to implement his proposed tariff policies on imports. According to sources familiar with the matter, Trump’s team is exploring this option after evaluating alternative legal arguments.
A declaration of national emergency would grant Trump the power to create the tariff program he campaigned on, allowing him to oversee imports during a period of crisis under the International Economic Emergency Powers Act (IEEPA). This act enables the president to impose tariffs in times of national distress.
However, a final decision has not been made, and market reactions have already begun. Stock futures slipped following reports of this potential move, while the US dollar gained value against other currencies. Trump’s team is also considering specific sections of US trade law as an alternative approach.
This development comes weeks after Trump vowed to hike tariffs on Chinese imports by 10% and slap 25% fees on products from Canada or Mexico. Some have suggested that he may narrow his focus, but the president-elect has denied this, sticking to his original proposal.
Source: https://www.cnbc.com/2025/01/08/trump-could-declare-national-economic-emergency-to-justify-universal-tariffs-cnn-reports.html