President-elect Donald Trump is reportedly contemplating declaring a national economic emergency to justify imposing universal tariffs on both allies and adversaries. This move is seen as an attempt by Trump to reshape the global trade landscape during his upcoming term in office.
Sources familiar with the matter have indicated that Trump is exploring the option of utilizing the International Economic Emergency Powers Act (IEEPA) to implement a new tariff program. The IEEPA grants the president unilateral authority to regulate imports in times of national emergency.
According to one source, Trump has a strong interest in this law due to its broad scope, which allows for the implementation of tariffs without stringent requirements to demonstrate national security justifications.
A second source confirmed that discussions regarding the declaration of a national emergency have been extensive, with all possibilities being considered. However, the Trump transition team has not provided any official comments on the matter.
It has been clarified that no final decision has been reached regarding the declaration of a national emergency. Trump's team is reportedly exploring alternative legal avenues to support the tariffs that were part of Trump's campaign promises.
As the situation continues to evolve, the potential implications of such a move by the incoming administration remain uncertain. The use of the IEEPA to impose tariffs on a wide scale would undoubtedly have significant ramifications for global trade relations.
