The tariffs target more than 65 countries, sparking fears it could drive up the cost of homebuilding and home prices.

As the clock ticks down to President Donald Trump's Aug. 1 deadline for the resumption of reciprocal tariffs, a federal appeals court is hearing arguments Thursday over whether Trump's sweeping tariffs are lawful.

The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., will consider the legality of "reciprocal" tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China,