June S&P 500 E-Mini futures (ESM25) are up +1.57%, and June Nasdaq 100 E-Mini futures (NQM25) are up +1.96% this morning as risk sentiment improved following upbeat earnings from Nvidia and after a federal trade court struck down U.S. President Donald Trump’s sweeping tariffs.
A panel of three judges at the U.S. Court of International Trade in Manhattan ruled that President Trump didn’t have the authority to impose sweeping tariffs on nearly every nation. Trump was granted 10 days to suspend the tariffs. The court’s order covers Trump’s global flat tariff, increased duties on China and others, and his fentanyl-related tariffs on China, Canada, and Mexico. Still, other tariffs imposed under separate powers, such as the Section 232 and Section 301 levies, are unaffected and cover items like steel, aluminum, and automobiles. In a swift response, the Trump administration lodged an appeal and questioned the court’s authority. The final ruling in the high-stakes case could ultimately lie with higher courts, including the U.S. Supreme Court.
