Two small toy companies have petitioned the U.S. Supreme Court to overturn President Donald Trump's global tariffs, arguing that he exceeded his authority under the International Emergency Economic Powers Act (IEEPA). These tariffs, including a 10 percent universal levy and higher rates on countries like China, Canada, and Mexico, were previously deemed unlawful by the U.S. Court of International Trade, which ruled that the IEEPA does not grant the president such broad tariff-setting powers. However, a federal appeals court has temporarily stayed that decision, allowing the tariffs to remain in effect during the ongoing legal proceedings.The Supreme Court's decision on whether to hear the case could have significant implications for the scope of executive power in trade policy.This is a breaking news story. Updates to follow.