The Trump administration on Monday asked a U.S. appeals court to pause a second court ruling that found the president had exceeded his authority by imposing sweeping tariffs on imports, saying the decision jeopardizes trade negotiations with other nations.

The Office of the US Trade Representative has sent letters to trading partners to remind them of an upcoming deadline in tariff negotiations, according to the White House, an effort by the administration to push forward talks.

The twists and turns in U.S. President Donald Trump's tariff policies have not only rattled global financial markets but have also taken investors on a roller-coaster ride. Companies are counting the cost of the trade war that is now being estimated at more than $34 billion in lost sales and higher expenses,

The president's plan - where countries face between 11% to more than 100% tariffs on goods brought into the US - was announced in April. But the majority of the tariffs were paused by Trump for 90 days in the wake of stock market volatility.

President Donald Trump has said that if the U.S. is not allowed to implement tariffs, it "doesn't have, even a small chance, of economic survival."

Cushioning the markets from further drops seems to be the investor sentiment that Trump's tariff threats are not as dire as they first appear.

Wall Street's main indexes opened lower on Monday after President Donald Trump revealed plans to double tariffs on imported steel and aluminum, fueling more uncertainty around U.S. trade policies. The Dow Jones Industrial Average fell 70.