President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a large swath of universal tariffs on allies and adversaries, four sources familiar with the matter told CNN,

President-elect has threatened nations including Canada, Mexico and China with steep duties on their products even before taking office

A national emergency declaration under IEEPA has long been considered as a key legal tool that Trump may invoke to take quick action on his campaign promise to impose a universal tariff of at least 10% on all imports into the US.

U.S. stock index futures fell on Wednesday after CNN reported President-elect Donald Trump was considering a national economic emergency declaration to allow for a new tariff program.

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

Stocks logged small gains Wednesday on two major indexes, despite uninspiring economic reports and some ominous words from the president-elect. The S&P 500 finished the day up 0.2%. The Dow Jones Industrial Average closed up 0.

U.S. 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,

Donald Trump is reportedly considering declaring a national economic emergency to impose tariffs across several industries, according to CNN. Multiple sources suggest that this move would allow the president-elect to implement tariffs on both allies and adversaries using the Economic Emergency Powers Act.

President-elect of the USA, Donald Trump, is considering declaring a state of emergency in the national economy to provide legal justification for implementing a series of widespread tariffs, CNN reported on Wednesday,