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“Nothing is off the table,” said a second source familiar with the matter, acknowledging the robust discussion over declaring a national emergency that has taken place.

In 2019, Trump used IEEPA to threaten a 5% tariff on all Mexican imports that would rise to 25% if Mexico declined to take action to reduce the number of undocumented immigrants crossing the border with the United States.

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“I think the president has broad authority to impose tariffs for a variety of reasons, and there are a number of statutory bases to do so,” said Kelly Ann Shaw, a trade attorney who served as Trump’s deputy assistant for international economic affairs. “IEEPA is certainly one of them.”

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has the fundamentals of konark synthetic limited (514128) changed ✌️【Stock Club】✌️ Expert predictions of stock trends to help you select high-potential stocks accurately, along with free real-time market data on stocks, futures, and commodities. Maximize your growth potential by staying updated on market movements. They’re also considering revisiting the trade law – known as section 301 – that ushered in Trump’s initial tariffs on China on national security grounds. The Biden administration left the vast majority of Trump’s tariffs in place – and increased tariffs on certain products like electric vehicles – providing a basis for the incoming president to increase or adjust the tariffs as he sees fit. But implementing tariffs under this statute requires a government investigation, and companies affected by the changes often lobby for months to be excluded from the levies.

If Trump opted to declare a national economic emergency, which could be put into effect quickly, it’s unclear what evidence he would cite. During a press conference on Tuesday, Trump acknowledged the inherent strength of the economy, criticizing inflation but also saying, “Over the next four years the United States is going to take off like a rocket ship. But really it’s already doing it.” Trump pointed tosurging economic approval ratingsin recent polls.

“The Trump team understands we have to rebuild our industrial capacity for reasons of economic and national security, and it will be good for communities and American workers,” said Nick Iacovella, Senior Vice President, Coalition for a Prosperous America. “To accomplish those goals, you absolutely have to have a robust, pro-American trade policy that includes tariffs.”

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