Tariff Turmoil Returns to Global Markets

The Supreme Court’s decision to overturn many of President Trump’s tariffs has injected fresh uncertainty into global trade, even as the administration insists its trade strategy will continue. Several C.E.O.s say many levies are likely to remain in place through other legal avenues, but the ruling is expected to scramble or slow corporate investment plans and raise questions about commitments other countries have made to spend in the United States.

Markets reacted quickly: European stocks traded lower and the S&P 500 looked set to give back recent gains, while Hong Kong’s Hang Seng offered a rare bright spot. The administration has set a global tariff rate at 15 percent, up from 10 percent, but many of the measures rest on Section 122 of the Trade Act of 1974 and expire after 150 days unless Congress extends them — an uncertain prospect with midterm politics and public unease about tariffs.

Businesses are also grappling with the possibility of refunds.

United States, Hong Kong

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