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,

Stocks logged small gains Wednesday on two major indexes, despite uninspiring economic reports and some ominous words from the president-elect. The S&P 500 finished the day up 0.2%. The Dow Jones Industrial Average closed up 0.

Donald Trump is reportedly considering declaring a national economic emergency to impose tariffs across several industries, according to CNN. Multiple sources suggest that this move would allow the president-elect to implement tariffs on both allies and adversaries using the Economic Emergency Powers Act.

CNN reported on Wednesday, citing sources familiar with the matter, that the president-elect of the USA, Donald Trump, is considering declaring a state of emergency in the national economy to provide legal justification for implementing a series of widespread tariffs.