US President-elect Donald Trump delivers remarks at Mar-a-Lago in Palm Beach, Florida, US, January 7, 2025.
Carlos Barea | Reuters
President-elect Donald Trump is considering calling a national economic emergency to implement his broad tariff policies, four sources familiar with the matter told CNN.
CNN reported that an announcement of this kind would give Trump the authority to create the tariff program that he made the culmination of his campaign for the White House through the International Emergency Economic Powers Act. The law, also known as IEEPA, allows the president to supervise imports during a period of national crisis.
Stock futures weakened after the CNN report on Wednesday morning and the US dollar rose against most other currencies.
CNN sources indicated that a final decision has not been reached on whether Trump will declare a national emergency. Trump's team is also evaluating alternative legal arguments, such as pointing to specific sections of US trade law, CNN reports.
Trump's transition team did not immediately respond to CNBC's request for comment.
Trump has repeatedly imposed taxes on imports during his campaign, at times calling for duties of 60% or more on Chinese products. Weeks after his victory, the Republican pledged to increase tariffs on Chinese imports by 10% and impose duties of 25% on products coming from Canada or Mexico.
The Washington Post reported on Monday that Trump would narrow the scope of his tariffs, an approach that Wall Street appears to favor. But the president-elect later denied the report.
Read the full CNN story here.
