US tariffs Supreme Court ruling: New trade policy framework emerges

Tariff uncertainty persists despite US Supreme Court ruling

UBS On-Air: Paul Donovan Daily Audio 'Welcome back uncertainty'

The desk interprets the recent commentary from UBS, emphasizing that increased trade policy uncertainty poses significant risks to currency valuations. The Supreme Court's ruling against certain IEEPA tariffs, while anticipated, sets a perplexing backdrop with President Trump's more sweeping universal tariffs, rising unexpectedly from 10% to 15%. Per the full note [source], the absence of specific details about exemptions or the implications for revised trade agreements adds to the volatility that traders must navigate in the coming sessions.

What’s next for US copper import tariffs

State of US tariffs

The desk is focused on the implications of the impending expiration of the 10% global tariff in July, as detailed by HSBC’s Shanella Rajanayagam. Per the full note, the expiration could prompt shifts in US trade policy that may affect currency valuations and trading positions. The economic landscape surrounding tariffs is complex, as current US tariffs remain in flux and reintroducing tariffs could heighten import costs. The overall consensus sees a cautious but steady trajectory for the USD, impacted by these developments.