According to PANews, four informed sources revealed that Trump is considering declaring a national economic emergency in order to provide a legal basis for imposing large-scale universal tariffs.
The statement will allow Trump to utilize the International Emergency Economic Powers Act (IEEPA) to formulate new tariff plans. This act authorizes the president to manage imports during a national emergency.
A source pointed out that Trump likes this law because it gives broad authority to impose tariffs without the need to strictly prove that the tariffs are for national security reasons. Trump's transition team did not respond to a request for comment.