(Reuters) -The U.S. Supreme Court on Thursday set the date for the oral arguments it will hear concerning the legality of Donald Trump's sweeping global tariffs for November 5 in a major test of one of the Republican president's boldest assertions of executive power that has been central to his economic and trade agenda.

The justices announced earlier this month that they would hear the case after a lower court ruled that Trump overstepped his authority in imposing most of his tariffs under a federal law meant for emergencies.

The court, which begins its next nine-month term on October 6, also agreed to hear at the same time a separate challenge to Trump's tariffs brought by a family-owned toy company, Learning Resources.