Trump Considering National Economic Emergency Declaration to Allow for New Tariff Program
January 8th, 2025Via: Reuters:
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.
The consumers of their products — us — will pay for the tariffs. But if we can therefore no longer afford those goods, we’ll be stuck, unless American industry suddenly rebuilds itself. Or will foreign industry on American soil take over?