President-elect Donald Trump is considering declaring a national economic emergency to impose new tariffs on both allies and adversaries - According to CNN

Trump plans to use the International Emergency Economic Powers Act (IEEPA), which allows the President to adjust import activities in an emergency without having to directly prove a national security threat. This law was previously used by Trump in 2019 to pressure Mexico on immigration issues, although the tariffs at that time were not applied.

The goal of this plan is to rebalance global trade and support domestic production, partially fulfilling his campaign commitments.

Currently, Trump's team has not made a final decision, but if implemented, the tariffs could be enacted quickly under the new administration and have a significant impact on global trade.