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

Four insiders told CNN that Trump is considering declaring a national economic emergency to provide legal basis for imposing large-scale general tariffs.

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

One source pointed out that Trump likes this law because it gives him broad jurisdiction over how to implement tariffs without strictly requiring proof that the tariffs are for national security considerations. The Trump transition team did not respond to requests for comment.