Trump mulls national economic emergency declaration to allow for new tariff program, CNN reports

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, citing sources familiar with the matter.

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.

"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 Jan. 20, has vowed to impose tariffs of 10% on global imports into the U.S., along with a 60% tariff on Chinese goods. He has also said he would impose a 25% tariff on Canadian and Mexican imports on his first day in office.