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President-elect Donald Trump is exploring the possibility of declaring a national economic emergency, which would serve as a legal foundation for implementing widespread tariffs on both allied and rival nations, according to sources familiar with the discussions who spoke to CNN on Wednesday.

The potential strategy involves utilizing the International Economic Emergency Powers Act, legislation that grants presidents the authority to regulate imports during times of national crisis. This would provide the legal framework necessary for Trump to establish his proposed tariff structure.

A source close to the discussions confirmed to CNN that the possibility of declaring a national emergency remains under consideration, stating “Nothing is off the table.”

The incoming Republican president, who will assume office on January 20, has promised to implement a broad 10% tariff on all imports entering the United States. His plan also includes a particularly steep 60% tariff targeting Chinese goods. Additionally, Trump has committed to imposing a 25% tariff on imports from Canada and Mexico immediately upon taking office.