A federal appeals court will soon hear oral arguments in a high-profile lawsuit challenging Trump's authority to impose sweeping "reciprocal" tariffs. The case is the furthest along of more than half a dozen federal cases targeting Trump's imposition of tariffs using an emergency-powers law known as IEEPA.

A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.

The agreements have been overshadowed by U.S. firms' warnings that the tariffs will affect their bottom lines and prolong uncertainty in the economy.