President Trump has not issued a new national emergency declaration under the National Emergencies Act explicitly addressing election interference since the 2018 order (EO 13848) was renewed in August 2026. Earlier 2026 discussions and draft orders explored invoking emergency powers over alleged foreign threats or voting processes ahead of the midterms, yet no qualifying declaration appeared in the Federal Register. The Constitution assigns primary authority over elections to states, and courts have limited related federal actions. With midterm results certified and no late-year developments triggering resolution criteria, trader consensus prices the probability of such a declaration by December 31 at low single digits. Any qualifying step would require formal language citing the National Emergencies Act and specific election-related threats.