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.

The president is set to raise taxes on imports arriving from many countries, including India. That’s on top of the tariffs that the White House has already announced on scores of products.

The U.S. Constitution gives the power to impose taxes — including tariffs — to Congress. But lawmakers have gradually relinquished power over trade policy to the White House. And Trump has made the most of the power vacuum, raising the average U.S. tariff to more than 18%, highest since 1934, according to the Budget Lab at Yale University.

Germany's BMW maintained its full-year guidance on Thursday despite U.S. tariffs and quarterly earnings dropping by a third, arguing that its large manufacturing presence in the country gives it an edge over rivals.

BMW said Thursday its profits slumped by a third in the second quarter as the German premium carmaker was hit hard by falling sales in key market China and US tariffs.

The Munich-based manufacturer was one of the few carmakers to include the financial impact of US car tariffs in its initial forecast in March that profits would broadly match last year’s. In May, it forecast that the higher tariffs Trump imposed on EU vehicle exports to the US would come down by July — a prediction that came broadly true as the two sides reached a deal on Sunday to reduce the tariff rate from 27.