Trump may declare a state of emergency in the economy to implement tariffs.

The newly elected President of the United States, Donald Trump, is exploring the possibility of declaring a state of emergency in the economy, which would provide a legal basis for implementing a wide range of trade tariffs against both allies and adversaries of the U.S.

Source. This was reported on Wednesday by the CNN network.

The economic state of emergency would allow Trump to utilize the International Emergency Economic Powers Act, which grants the president the authority to manage imports during a national emergency without congressional approval, according to CNN's report.

Thus, after taking office, Trump would be able to impose trade tariffs without the need for congressional consent.

Recall that during a press conference the day before, when asked whether he could assure the world he would not use military or economic pressure in an attempt to gain control over the Panama Canal and Greenland, Trump stated:

“No, I cannot guarantee either one. But I can say this: we need them for economic security.”

Trump criticized American spending on Canadian goods and military support for Canada, claiming that the U.S. derives no benefits from this, and referred to the border between the two countries as an “artificially drawn line,” reiterating his desire to make Canada the 51st state of the U.S.

He suggested that he might impose tariffs on Denmark if it refuses his offer to purchase Greenland, which he described as vital for U.S. national security.