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.

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.

Stocks rose worldwide Monday after President Donald Trump relaxed some of his tariffs, for now at least, and as stress from within the U.S. bond market seems to be easing.

Donald Trump has threatened to apply tariffs on critical minerals in a move that could increase tensions with China and open a new front in a global trade war that has rattled markets. In an executive order on Tuesday,