President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a large swathe of universal tariffs on allies and adversaries, four sources familiar with the matter told CNN,

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,

The emergency powers would grant Trump the ability to construct a new tariff programme without having to demonstrate traditional national security justifications

President-elect has threatened nations including Canada, Mexico and China with steep duties on their products even before taking office

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,

A national emergency declaration under IEEPA has long been considered as a key legal tool that Trump may invoke to take quick action on his campaign promise to impose a universal tariff of at least 10% on all imports into the US.

Canada's main index fell on Wednesday, with investors taking stock of a report that said U.S. President-elect Donald Trump was considering declaring a national economic emergency to allow for new tariffs.