"The dollar declined against foreign currencies, stocks in Asia and Europe broadly sold off, and S&P 500 futures were down 0.22% before the open in New York as investors began to realize that the fallout from the U.S. Supreme Court's tariff decision, and President Trump's reaction to it, is going to be more complex than traders initially thought. Goldman Sachs also reported that its in-house "Risk Appetite Indicator" had sunk back from its recent peak."
"At first glance, ending the tariffs looked broadly good for stocks because it makes international trade easier and cheaper for companies. Unsurprisingly, the S&P 500 closed up 0.69% on Friday. But after Trump said he would propose new tariffs of 10%, and then changed his mind and made it 15%, analysts began to realize that some of the things Trump might do next could be more extreme than his "Liberation Day" tariffs, and will certainly be more complex."
The U.S. dollar weakened while Asian and European equities broadly sold off and S&P 500 futures fell 0.22% before the New York open. Goldman Sachs' Risk Appetite Indicator retreated from a recent peak as investors rotated back into gold, which rose 1.81% and approached a record high. The S&P 500 had closed up 0.69% after tariffs were initially ended, but President Trump’s subsequent proposals—first 10%, then 15%—reintroduced significant uncertainty. Analysts warned that future tariff actions could be more extreme and complex, and BNP highlighted legal authorities (Sections 122, 301, 232) with differing scopes and limits.
Read at Fortune
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