There may very well be grounds for such an executive order in the provisions of the National Firearms Act of 1934 and the Gun Control Act of 1968. Both granted the President broad powers to regulate FFL's and imports.
While our dear leader may be Somewhat Off Base (which is what I presume you meant by SOB), he would not be by-passing Congress, as the "news" item suggests, if he were to issue the Exec. Order discussed. Issuance of that XO, banning all firearms imports, has not been as yet confirmed.
