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.

US tariffs exemptions for electronics prompted market rallies Monday from Asia to Wall Street but failed to settle nerves over a global trade war that Chinese leader Xi Jinping warned would have "no winner.

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

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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.