Trump faces multiple legal setbacks as federal courts question broad presidential powers

Before Cook filed her suit, a Fed spokesperson acknowledged the potential legal feud and wrote in an Aug. 26 statement that the Fed will "abide by any court decision." 

In a different legal case, Judge Cobb issued a temporary order preventing the Trump administration from carrying out expedited deportations of illegal immigrants. The policy would have allowed some to be deported without first going before an immigration judge.

"In defending this skimpy process, the government makes a truly startling argument: that those who entered the country illegally are entitled to no process under the Fifth Amendment," Cobb wrote, adding that the government could accuse "not only noncitizens, but everyone."

"The government could accuse you of entering unlawfully, relegate you to a bare-bones proceeding where it would 'prove' your unlawful entry, and then immediately remove you," Cobb added.

Tariff revenues rose steadily from approximately $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and peaking at $29.6 billion in July. According to the Treasury Department's latest "Customs and Certain Excise Taxes" data, released on Aug. 28, total tariff revenues have reached $183.1 billion for the fiscal year. 

At the current pace, the U.S. could collect as much tariff revenue in just four to five months as it did over the entire previous year.