California on Wednesday filed a lawsuit seeking to block U.S. President Donald Trump's sweeping tariffs on foreign trading partners, accusing him of abusing his powers and inflicting financial harm on the state and nation.

The suit will argue that Trump's use of the International Emergency Economic Powers Act to impose tariffs on Mexico, Canada and China or a 10% tariff on all imports is unlawful. The act enables a president to freeze and block transactions in response to foreign threats.

Ford Motor may raise prices of its new vehicles in May if U.S. President Donald Trump's auto tariffs are not eased, Automotive News reported on Wednesday, citing a memo to dealers. Both U.S. and foreign automakers have rushed to alleviate consumer concerns about tariffs inflating costs at dealerships by offering price assurances and substantial discounts.

Ford Motor may raise prices on its new vehicles if President Trump’s auto tariffs continue, according to a memo sent to dealers on Wednesday that was reviewed by Reuters. The Dearborn, Michigan, automaker offered deep discounts across its lineup starting earlier this month through June 2.

US President Donald Trump's aggressive but fast-changing trade policy has foisted difficult questions on carmakers that they have not yet been forced to answer. Parker, who quipped that US tariff policy might have changed since he last checked his phone,

CNBC Senior Economics Reporter Steve Liesman joins Nicolle Wallace to discuss the market's reaction to new comments on Donald Trump's tariffs from Federal Reserve Chair Jerome Powell, primarily that they will put the Fed in a difficult situation in their effort to fight inflation and grow the economy.

US President Donald Trump's tariffs will likely push up prices and constrain growth, and could put the Federal Reserve in the unenviable position of having to choose between tackling inflation and unemployment,