In rolling out the most aggressive tariff regime in the US in nearly a century, President Donald Trump has leaned heavily on emergency powers that had never been used before to impose import taxes.

By Dietrich Knauth (Reuters) -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.

And it indicates that the fallout from Trump’s tariffs is starting to push up prices for American consumers, even before his most sweeping levies take effect. Inflation remaining stubborn even as the labor market cools will make the central bank’s task more difficult.

U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth.