CNN reports that Trump may use a national economic emergency to justify imposing universal tariffs.

• According to CNN, sources familiar with the matter reveal that President-Elect Donald Trump is considering declaring a national emergency to implement his comprehensive tariff plan.
• Trump's team is also considering alternative legal options for implementing taxes on imports, according to CNN's sources.
• Stock futures slipped following CNN's report.

Sources close to President-Elect Trump are considering declaring a national economic emergency to enact his ambitious tariff policies, according to CNN.

The International Economic Emergency Powers Act, also known as IEEPA, empowers the president to implement a tariff program during a national crisis, as reported by CNN.

The U.S. dollar strengthened against most other currencies after a CNN report caused stock futures to weaken.

CNN reported that a final decision has not been made on whether Trump will declare a national emergency, and his team is considering alternative legal arguments, such as referencing specific sections of U.S. trade law.

During his campaign, Trump frequently advocated for high taxes on imports, including fees of up to 60% on Chinese products. After his election, he pledged to increase tariffs on Chinese imports by 10% and impose 25% fees on products originating from Canada or Mexico.

The Washington Post reported that Trump would narrow the focus of his tariffs, which Wall Street favors. However, the President-Elect later denied this report.