CNN: Trump is considering a national economic emergency declaration to allow for a new tariff plan

ChainCatcher news, according to CNN, four informed sources say that Trump is considering declaring a national economic emergency to provide a legal basis for imposing a large number of universal tariffs.

The declaration would allow Trump to utilize the International Emergency Economic Powers Act (IEEPA) to establish a new tariff plan, which unilaterally authorizes the president to manage imports during a national emergency.

One of the sources noted that Trump likes this law because it grants broad jurisdiction over how to implement tariffs without strict requirements to prove that the tariffs are for national security reasons. Trump's transition team did not respond to requests for comment.