Trump has described the tariffs as "reciprocal," saying the steep toll will correct a grievance he's held for "35 years:" that the U.S. is being "ripped off" by trade imbalances. The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.

Stocks are rallying worldwide after President Donald Trump relaxed some of his tariffs and as stress from within the U.S. bond market seems to be relaxing.

A legal advocacy group on Monday asked the U.S. Court of International Trade to block President Donald Trump's sweeping tariffs on foreign trading partners, arguing the president overstepped his authority.

The lawsuit alleges Trump has illegally usurped Congress’ power to levy tariffs by claiming trade deficits with other countries constitute an emergency.

President Trump’s “Liberation Day” tariffs came under their first major legal challenge Monday, brought by a libertarian public-interest firm that argues the president overstepped his authority. Trump’s April 2 announcement imposed a baseline 10 percent tariff on imports and targeted dozens of countries with higher “reciprocal” tariffs.

The sweeping tariffs imposed by U.S. President Donald Trump since April 2 and the subsequent pauses on some of them have generated uncertainty for companies worldwide, causing some of them to withdraw or refrain from giving a financial guidance.

President Trump’s sweeping tariff plans kicked off a historically volatile 10 days in markets. Stock indexes plunged, bonds sold off at the fastest rate in decades, and the dollar fell rapidly against the euro and yen.

Americans’ concerns about President Donald Trump’s tariffs and their potential effects on the cost of consumer goods correlates with a dip in his approval rating in the majority of reputable polls released since his April 2 “Liberation Day” announcement.