US Edition
Asian Stocks Rally After Trump's Supreme Court Tariffs Blow
The Supreme Court ruling removed the legal basis for Trump's tariffs, prompting a shift to alternative authorities and sparking a tech-led rally in Asian markets.
- Last Friday, the US Supreme Court ruled the International Emergency Economic Powers Act `does not authorise the president to impose tariffs`, and Trump immediately imposed global tariffs of 10 percent before raising them to 15 percent on Saturday.
- Asian markets opened higher as investors welcomed the ruling, with Asian investors seeing benefits for China and India as tech firms led regional gains this year away from Wall Street.
- Markets showed specific winners: Alibaba and JD.com surged more than three percent, while Seoul hit a record high on big advances for Samsung Electronics and SK hynix.
- Trade talks stalled as officials sought legal clarity, with Indian trade officials postponing a US trip and the European Parliament's trade committee head calling Monday to pause legislative work.
- Uncertainty spurred calls to repay cash taken under the tariff scheme, and analysts warned officials may seek other tariff routes while the US dollar fell against the yen, pound, and euro, and oil prices dropped over one percent.
42 Articles
42 Articles
Asian stock market indices were mostly in the green today, with investors cheering Friday's ruling by the US Supreme Court that overturned most of the tariffs imposed by US President Donald Trump during his term, the French news agency AFP reports.
The Siasat Daily
NewsDrumStock markets trade higher in early session tracking rally in Asian peers
Mumbai: Equity benchmark indices Sensex and Nifty opened on a firm note on Monday, February 23, led by strong buying in banks and services stocks, tracking a rally in Asian markets. Analysts said global sentiment was shaped by the US Supreme Court’s verdict that knocked down the Trump tariffs and termed them “illegal”, a move that could significantly alter global trade dynamics. The 30-share BSE Sensex jumped 572.10 points, or 0.69 per cent, to …
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Customs agency offers guidance on tariff refunds after US Supreme Court ruling
The Korea Customs Service (KCS) said Monday that it is providing detailed guidance to Korean exporters to the United States on obtaining refunds for tariffs previously paid, following last week’s U.S. Supreme Court ruling declaring the tariffs unconstitutional. KCS said that an estimated 6,000 of more than 24,000 Korean exporters to the U.S. could be eligible for refunds from the sweeping tariffs imposed by President Donald Trump last year on al…
Donald Trump suffered a setback in the US over tariffs, and after this, the Indian stock market, along with Asian markets, opened with a meteoric rise on Monday. The BSE Sensex jumped more than 600 points upon opening.
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