Trump's Tariff Takeover: An Economic Emergency in the Making?

Donald Trump, U.S. President-elect, is contemplating declaring a national economic emergency to justify imposing tariffs globally. This move would leverage the International Economic Emergency Powers Act, allowing Trump to manage imports amid a national emergency. Tariffs include 10% on global imports and steeper rates on Chinese, Canadian, and Mexican goods.

U.S. President-elect Donald Trump may declare a national economic emergency to justify universal tariffs on both allies and adversaries, CNN has reported, citing sources familiar with the situation.

This strategy would empower Trump to utilize the International Economic Emergency Powers Act, enabling him to control imports and enforce tariffs amid a national emergency. 'Nothing is off the table,' a source indicated to CNN.

Awaiting his inauguration on January 20, Trump has proposed a 10% tariff on worldwide imports, with significant surcharges planned for imports from China, Canada, and Mexico.

(With inputs from agencies.)