- The US Supreme Court struck down a significant portion of Donald Trump's tariff policy, including sweeping "reciprocal" tariffs imposed under emergency powers.
- Mr Trump responded by announcing an immediate increase in the global tariff rate to 15 per cent, using an executive order to bypass Congress for 150 days.
- Global financial markets reacted with uncertainty, causing gold prices to surge, briefly reaching $5,280 per ounce before settling at $5,280 per ounce before settling at $5,140.
- The US dollar weakened against the pound and the euro, while US futures for the S&P 500 and Dow Jones indexes fell, signalling a likely market downturn.
- Experts described the situation as an "unholy mess", raising questions about the repayment of an estimated $130 billion in tariffs already collected and the impact on international trade agreements.
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