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Wall Street Lower After News of Trump’s Economic Emergency

The stock exchanges in New York opened with small losses on Wednesday, after the minuses a day earlier due to investors’ concerns about the American central bank’s interest rate policy.

Traders processed a report from CNN that incoming president Donald Trump is considering declaring a national economic emergency to legally justify a wide range of import duties on products from other countries.

According to CNN sources, Trump is considering using the International Emergency Economic Powers Act. This law gives a president the unilateral authority to manage imports during a national emergency.

Trump prefers this approach because there are no strict requirements for introducing import duties. He does not have to prove that the tariffs are necessary for national security each time.

The Dow Jones index was down 0.2 percent in early trading at 42,439. The broad S&P 500 fell 0.2 percent to 5,900, and the technology benchmark Nasdaq also fell 0.2 percent to 19,443. Wall Street is closed on Thursday for the state funeral of former President Jimmy Carter.

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