Court ruling against tariffs affects global markets and assets

Stock markets in the United States, Europe and Asia rose after the U.S. Supreme Court struck down President Trump's tariffs, and strategists said the decision has multi-asset implications while questions remain about refunds and the administration's response.

Markets in the United States, Europe and Asia rose after the U.S. Supreme Court struck down President Trump's tariffs. The decision removed a central element of the administration's trade policy. Strategists and major investors described the ruling as a major macro event with implications across equities, bonds, currencies and global trade flows. Analysts also highlighted ongoing uncertainty about whether tariff revenue will be refunded and how the administration may respond. Key points: - Stock markets in the United States, Europe and Asia rose on the court ruling against the tariffs. - Strategists said the decision has multi-asset ramifications, affecting equities, bonds, currencies and trade flows. - Some analysts expect relief from trade uncertainty to help cyclical and import-dependent sectors such as IT hardware, retail and industrials. - Commentators noted that Treasury yields could rise, especially at the long end, if trade activity strengthens or refunds widen the fiscal deficit. - A central unknown is whether the government must refund past tariff revenue and how quickly any refunds would occur; the administration's possible use of other statutes to replace tariffs was also noted. - Several strategists cautioned that initial market moves can be exaggerated and that future policy steps will shape longer-term outcomes. Summary: Strategists said the ruling reduces a key source of trade uncertainty and has implications across equities, bonds and currencies. Markets initially moved higher, and analysts flagged potential effects on cyclical and import-dependent sectors, bond yields and the dollar. The timing and scale of any tariff refunds and the administration's policy response remain unsettled. Undetermined at this time.