The U.S. Constitution gives the power to impose taxes — including tariffs — to Congress. But lawmakers have gradually relinquished power over trade policy to the White House. And Trump has made the most of the power vacuum, raising the average U.S. tariff to more than 18%, highest since 1934, according to the Budget Lab at Yale University.

Trump's sweeping tariff agenda is at the center of a lawsuit at a federal appeals court, as the legal battle looks likely to go to the Supreme Court.

A U.S. appeals court on Thursday will review President Donald Trump's power to impose tariffs, after a lower court said he exceeded his authority with sweeping levies on imported goods.