Trump considers declaring national economic emergency to implement universal tariffs :: Sympathetic Media Newsis ::

Declaration of emergency based on IEEPA, review of introduction of new tariff program

(Seoul = Newsis) Reporter Kwon Seong-geun = CNN reported on the 8th that U.S. President-elect Donald Trump is considering declaring a national economic emergency to secure legal justification for imposing broad universal tariffs on allies and enemies alike. local time) reported.

On this day, CNN cited sources and reported that President-elect Trump is considering whether to declare an economic emergency and introduce a new tariff program.

To this end, the plan is to utilize the International Economic Emergency Powers Act (IEEPA) enacted in 1977. IEEAPA grants the president the authority to control economic activities, such as trade with foreign countries, when an emergency that threatens the security, diplomacy, or economy of the United States occurs.

One source said President-elect Trump favors the law because it gives him the authority to impose tariffs for security reasons without strict requirements.

Another source acknowledged that active discussions are underway on declaring an economic emergency, but explained, “All options are on the table and being considered.”

During his first term in 2019, then-President Trump warned that if Mexico did not take action to reduce the number of illegal immigrants crossing the U.S. border, he would invoke IEEPA to impose an additional 5% tariff on all Mexican imports.

During his presidential campaign, President-elect Trump pledged to impose a universal tariff of 10 to 20 percent on all imports.

However, even if President-elect Trump declares a state of emergency to introduce universal tariffs, it is unclear what it will be based on, CNN reported.

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