Introduction: Dollar and stocks decline after US Supreme Court hits Trump’s tariffs
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
We’re in a new phase of trade war uncertainty, after the supreme court blocked Donald Trump’s sweeping global tariffs last Friday.
With the president hitting back over the weekend, announcing a new temporary global tariff of 10%, then 15%, its clear that the White House is persisting with its policy of using trade levies to gain leverage over other countries.
So, as ING economists warn:
Announcements since the Supreme Court’s ruling strongly confirm that Trump has no intention of removing his “most beautiful word” from the English dictionary.
Uncertainty is back, and given the latest muscle-flexing by European leaders, the risk of escalation is now higher than it was a year ago.
The market reaction has been to sell the US dollar – it has fallen by 0.4% against a basket of other currencies today, adding to losses on Friday after the supreme court declared tariffs imposed under the International Emergency Economic Powers Act to be illegal.
US stock market futures are lower too, indicating we’ll see losses on Wall Street, while bitcoin has also weakened.
Last night, US Trade Representative Jamieson Greer insisted that deals made with other countries are still intact, and should be honoured.
Greer told CBS’s Face the Nation:
“We want them to understand these deals are going to be good deals.
“We’re going to stand by them. We expect our partners to stand by them.”
Greer also pledged that the new 15% global tariff was distinct from the bilateral agreements struck in the last nine months with about 20 countries.
That indicates that the deal announced by Trump and the UK prime minister, Keir Starmer, in May last year will continue to stand, rather than the UK’s tariff rising to 15%.
Although, as education secretary, Bridget Phillipson admitted on Sunday, UK businesses faced “uncertainty” after the latest developments.
The agenda
-
9am GMT: German IFO investor confidence survey
-
Noon GMT: Mexico’s Q4 2025 GDP report
-
1.30pm GMT: The Chicago Fed National Activity Index
-
3pm GMT: US factory orders for December
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CBP has told shippers through a message on its Cargo Systems Messaging Service that it will de-activate all tariff codes associated with President Donald Trump’s prior IEEPA-related orders as of Tuesday.
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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
“,”elementId”:”05607785-3876-446b-9958-1650d093b1c5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
We’re in a new phase of trade war uncertainty, after the supreme court blocked Donald Trump’s sweeping global tariffs last Friday.
“,”elementId”:”a7afcf2f-95c1-4b2e-88bd-df2348d1942a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
With the president hitting back over the weekend, announcing a new temporary global tariff of 10%, then 15%, its clear that the White House is persisting with its policy of using trade levies to gain leverage over other countries.
“,”elementId”:”91ed6412-80c2-4536-80ed-c0cf548fe912″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
So, as ING economists warn:
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n
Announcements since the Supreme Court’s ruling strongly confirm that Trump has no intention of removing his “most beautiful word” from the English dictionary.
n
Uncertainty is back, and given the latest muscle-flexing by European leaders, the risk of escalation is now higher than it was a year ago.
n
“,”elementId”:”f063f77d-b606-4b0d-aa0c-9c2d1ba659ee”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The market reaction has been to sell the US dollar – it has fallen by 0.4% against a basket of other currencies today, adding to losses on Friday after the supreme court declared tariffs imposed under the International Emergency Economic Powers Act to be illegal.
“,”elementId”:”67d976d2-7b53-4196-876e-7838b8808c13″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
US stock market futures are lower too, indicating we’ll see losses on Wall Street, while bitcoin has also weakened.
“,”elementId”:”459dad09-6600-4343-b52c-e38e56bc48bf”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Last night, US Trade Representative Jamieson Greer insisted that deals made with other countries are still intact, and should be honoured.
“,”elementId”:”84934ae9-ec8f-4de9-bee6-6a69e1b458a2″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Greer told CBS’s Face the Nation:
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n
“We want them to understand these deals are going to be good deals.
n
“We’re going to stand by them. We expect our partners to stand by them.”
n
“,”elementId”:”143160e4-b7d2-4b7e-befd-945f4f6f3193″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Greer also pledged that the new 15% global tariff was distinct from the bilateral agreements struck in the last nine months with about 20 countries.
“,”elementId”:”3b464e40-b8a5-46c9-a17d-dc8513ca3ab2″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
That indicates that the deal announced by Trump and the UK prime minister, Keir Starmer, in May last year will continue to stand, rather than the UK’s tariff rising to 15%.
“,”elementId”:”ea28b1dd-9174-45bd-ad01-5defeb8cfe01″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Although, as education secretary, Bridget Phillipson admitted on Sunday, UK businesses faced “uncertainty” after the latest developments.
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The agenda
“,”elementId”:”1c325a9f-5844-4a1d-82a8-b3271361ca62″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
- n
- n
9am GMT: German IFO investor confidence survey
- n
Noon GMT: Mexico’s Q4 2025 GDP report
- n
1.30pm GMT: The Chicago Fed National Activity Index
- n
3pm GMT: US factory orders for December
n
n
n
n
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Key events
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US customs agency to stop collecting tariffs deemed illegal by Supreme Court on Tuesday
The US Customs and Border Protection agency said it will halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday, after the supreme court declared them illegal on Friday.
CBP has told shippers through a message on its Cargo Systems Messaging Service that it will de-activate all tariff codes associated with President Donald Trump’s prior IEEPA-related orders as of Tuesday.
With the dollar selling off, the pound has gained almost half a cent to $1.3523.
The euro’s up a similar amount, to $1.1822.
Introduction: Dollar and stocks decline after US Supreme Court hits Trump’s tariffs
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
We’re in a new phase of trade war uncertainty, after the supreme court blocked Donald Trump’s sweeping global tariffs last Friday.
With the president hitting back over the weekend, announcing a new temporary global tariff of 10%, then 15%, its clear that the White House is persisting with its policy of using trade levies to gain leverage over other countries.
So, as ING economists warn:
Announcements since the Supreme Court’s ruling strongly confirm that Trump has no intention of removing his “most beautiful word” from the English dictionary.
Uncertainty is back, and given the latest muscle-flexing by European leaders, the risk of escalation is now higher than it was a year ago.
The market reaction has been to sell the US dollar – it has fallen by 0.4% against a basket of other currencies today, adding to losses on Friday after the supreme court declared tariffs imposed under the International Emergency Economic Powers Act to be illegal.
US stock market futures are lower too, indicating we’ll see losses on Wall Street, while bitcoin has also weakened.
Last night, US Trade Representative Jamieson Greer insisted that deals made with other countries are still intact, and should be honoured.
Greer told CBS’s Face the Nation:
“We want them to understand these deals are going to be good deals.
“We’re going to stand by them. We expect our partners to stand by them.”
Greer also pledged that the new 15% global tariff was distinct from the bilateral agreements struck in the last nine months with about 20 countries.
That indicates that the deal announced by Trump and the UK prime minister, Keir Starmer, in May last year will continue to stand, rather than the UK’s tariff rising to 15%.
Although, as education secretary, Bridget Phillipson admitted on Sunday, UK businesses faced “uncertainty” after the latest developments.
The agenda
-
9am GMT: German IFO investor confidence survey
-
Noon GMT: Mexico’s Q4 2025 GDP report
-
1.30pm GMT: The Chicago Fed National Activity Index
-
3pm GMT: US factory orders for December
