A dozen states sued the Trump administration in the U.S. Court of International Trade in New York on Wednesday to stop its tariff policy, saying it is unlawful and has brought chaos to the American economy.

The lawsuit said the policy put in place by President Donald Trump has been subject to his "whims rather than the sound exercise of lawful authority."

U.S. stocks rose Wednesday as a worldwide rally came back around to Wall Street after President Donald Trump appeared to back off his criticism of the Federal Reserve and his tough talk in his trade war.

The S&P 500 climbed 1.7% and added to its big gain from Tuesday that more than made up for a steep loss on Monday. The Dow Jones Industrial Average rose 419 points, or 1.1%, and the Nasdaq composite gained 2.5%.

Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International Monetary Fund, as Lebanese officials hold meetings with global finance institutions in Washington.

A statement from Speaker Nabih Berri's office said parliament passed amendments to "the law related to banking secrecy" and to monetary legislation.

Iran's foreign ministry on Wednesday condemned the latest U.S. sanctions targeting its oil network, calling the move a sign of Washington's "hostile approach" ahead of a third round of indirect nuclear talks.

In a statement, Foreign Ministry spokesman Esmaeil Baqaei said the US policy of imposing sanctions on the Iranian people was a "clear contradiction with the United States' demand for dialogue and negotiation and indicates America's lack of goodwill and seriousness in this regard."

Asian shares mostly rose Wednesday, with markets showing relief after President Donald Trump indicated he won't dismiss the head of the U.S. Federal Reserve.

Japan's benchmark Nikkei 225 gained 1.9% in afternoon trading to 34,875.64. Australia's S&P/ASX 200 surged 1.3% to 7,920.50. South Korea's Kospi gained 1.5% to 2,523.17. Hong Kong's Hang Seng added 2.2% to 22,039.88, while the Shanghai Composite edged up 0.2% to 3,305.43.

Elon Musk says he'll be spending less time in Washington slashing government costs and more time running Tesla after his electric vehicle company reported a big drop in profits.

Musk said on a conference call with analysts Tuesday that "now that the major work of establishing Department of Government Efficiency is done," that he will be "allocating far more of my time to Tesla" starting in May. Musk said he now expects to spend just "a day or two per week on government matters"

The outlooks for the U.S. and global economies have significantly worsened in the wake of President Donald Trump's tariffs and the uncertainty they have created, the International Monetary Fund said Tuesday.

The IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%, according to its latest World Economic Outlook. And in 2026, global growth will be 3%, the fund predicts, also below its previous 3.3% estimate.

U.S. Vice President JD Vance on Tuesday called for enhanced engagement with India and said that the South Asian country should buy more defense equipment and energy from the U.S. and allow Washington greater access to its market, lending momentum to an expected bilateral trade deal.

Vance, who is on a four-day visit to India, said that he and Prime Minister Narendra Modi made progress on trade talks during their discussions on Monday, and confirmed that both sides had finalized the terms of reference for the trade negotiation — a vital step towards setting the road map for the final agreement.

China on Monday warned other countries against making trade deals with the United States to China's detriment.

Governments including those of Taiwan, Japan and South Korea have begun negotiations with Washington after President Donald Trump announced sweeping tariffs against almost all of America's trading partners on April 2. The import taxes were quickly paused against most countries after markets panicked, but he increased his already steep tariffs against China.

The European Central Bank cut interest rates Thursday for the seventh time to counter worries about economic growth fueled by President Donald Trump's tariff onslaught.

The bank's move should support economic activity in the 20 countries that use the euro currency by making credit more affordable for consumers and businesses.