US Court Blocks Trump Tariffs, Boosts Asian Markets

A US trade court blocked President Donald Trump's 'Liberation Day' tariffs, ruling that the president overstepped his authority and that only Congress has the exclusive power to regulate commerce with other countries. The ruling led to a positive market reaction globally, with equity markets in Asia, including Singapore, Australia, and Japan, rising in early trading. The US dollar also strengthened against major currencies following the ruling, despite the Trump administration's immediate appeal. Australian stocks, particularly the ASX 200, gained modestly, supported by the court decision and strong earnings from companies like Nvidia. Energy and oil sectors saw notable gains amid rising oil prices and potential additional US sanctions on Russia. The ruling underscores legal limits on presidential trade powers and introduces some relief to markets amid ongoing trade uncertainties.