Supreme Court Blocks Most Tariffs, Global Markets React with Mixed Results

The Supreme Court's decision to block most of President Donald Trump's tariffs has had a ripple effect on global markets. US futures fell sharply, with the S&P 500 losing 0.8% and the Dow Jones Industrial Average dropping 0.7%. Meanwhile, Asian shares were mostly higher, with Hong Kong leading gains at 2.2%.

Bitcoin, often referred to as 'digital gold', continued its downward trend, falling by as much as 5% to below $65,000. This marks a significant loss for the cryptocurrency, which has dropped nearly half of its value since hitting an all-time high in October.

The mixed reactions to the Supreme Court's ruling highlight the winners-and-losers effect of shifts in tariff policy. Benjamin Picton of Rabobank noted that US tariff policy will continue to be a source of uncertainty for markets, as traders attempt to price in the implications of what is still a 'movable feast'.