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,

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,

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

Trump has threatened a tariff on goods from Canada if the country does not clamp down on immigration and the flow of drugs across its border with the U.S.

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.