“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.

Global leaders are rushing to seal deals with US President Donald Trump before an Aug. 1 deadline, when countries without agreements will be hit with the heaviest tariffs of up to 50%. Most countries are still lacking a trade deal, and key details are scant for those who have one.

The clock is ticking closer to President Trump’s latest tariff deadline of Aug. 1. And while several more deals have been reached, talks with many countries are still in flux.