Trump mulls national economic emergency declaration to allow for new tariffs: report

US President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

The move will allow Trump to build a new tariff programme by using the International Economic Emergency Powers Act, which authorises a president to manage imports during a national emergency, the report said.

“Nothing is off the table,” a source familiar with the matter told CNN, acknowledging that a discussion had taken place over declaring a national emergency.The Trump transition team did not immediately respond to a Reuters request for comment.

Trump, a Republican who will take office on January 20, has vowed to impose tariffs of 10 per cent on global imports into the US, along with a 60 per cent tariff on Chinese goods. He has also said he would impose a 25 per cent tariff on Canadian and Mexican imports on his first day in office.