“IEEPA nowhere mentions tariffs, duties, imposts, or taxes, and no other President in the statute’s nearly 50-year history has claimed that it authorizes tariffs,” the companies added in a filing with the appeals court.

NEW YORK (AP) — The clock is ticking closer to U.S. President Donald Trump's latest tariff deadline of Aug 1. And while several more deals — or at least frameworks for deals — have been reached since his last tariff deadline of July 9 came and went, trade talks with many countries are still in flux.

Ford Motor Co. warned profit this year will see a sharp drop on the growing fallout from President Donald Trump’s tariffs, underscoring the dramatic policy shifts in Washington that are upending the global auto industry.

Ford Motor said Tuesday that it lost money in the second quarter as tariffs took a toll on its business. The company also said it expected tariffs to cost it a total of $2 billion this year. The automaker lost $36 million from April through June,

Ford Motor reported second-quarter revenue that beat expectations, and reinstated its full-year guidance, which it had withdrawn in May due to tariffs.