Trump could declare a national economic emergency to justify universal tariffs, CNN reports

President-elect Donald Trump is is considering calling a national economic emergency to implement his far-reaching tariff policies, four sources familiar with the matter told CNN.

Such a declaration would give Trump the power to create the tariff program he made a highlight of his campaign for the White House through the International Economic Emergency Powers Act, CNN reported. Also known as IEEPA, the act allows the president to oversee imports during a period of national crisis.

Stock futures weakened after the CNN report, and the US dollar gained against most other currencies.

CNN’s sources noted that no final decision has been made on whether Trump will declare a national emergency. Trump’s team is also evaluating alternative legal arguments, such as pointing to specific parts of the U.S. trade law, according to CNN’s reporting.

Trump frequently called for import tariffs on the campaign trail, at times calling for tariffs of 60% or more on Chinese products. Weeks after his victory, the Republican promised to raise tariffs on Chinese imports by 10% and slap 25% tariffs on products coming from Canada or Mexico.

The Washington Post reported Monday that Trump would narrow the focus of his tariffs, an approach that Wall Street appears to favor. But the president-elect later denied this report.

Read CNN’s full story here.