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The IEEPA provides the President with the ability to manage imports during a declared national emergency. In 2019, Trump threatened to invoke this power to impose tariffs targeting Mexico related to immigration issues, a move that ultimately served as a negotiation tactic. There has been no precedent for a U.S. president effectively utilizing the IEEPA for tariffs, and Trump's upcoming approach remains legally untested.
Categories of Proposed Tariffs
Trump’s tariff strategy appears to be divided into three main categories:
Universal Tariff: A potential 10% to 20% tariff on all imports.
Neighboring Countries Tariff: Up to 25% tariffs on goods from Mexico and Canada, with both nations indicating their readiness to retaliate if such tariffs are enacted.