Global markets began the week on shaky footing as renewed turmoil surrounding U.S. tariff policy weighed on sentiment. In Asia, the initial reaction reflected a revival of the “sell America” theme, with the dollar and U.S. equity futures retreating. The Supreme Court’s decision to strike down President Trump’s emergency tariff framework was quickly followed by a fresh announcement of a universal 10% tariff, later raised to 15% within a day. The rapid policy shifts, along with confusion over exemptions and trade agreements previously negotiated under the invalidated structure, have added to uncertainty for investors and trade partners alike. Several countries now face revised tariff rates, while the temporary 150-day duration of the new authority raises questions about congressional approval and longer-term implementation.

The fallout extends beyond trade policy. More than 1,800 legal cases have reportedly been filed seeking refunds for tariffs collected under the overturned framework, potentially amounting to roughly $170 billion. Meanwhile, equity futures in Europe and the United States have moved lower, with technology shares under particular scrutiny ahead of Nvidia’s earnings release. Markets are also watching upcoming speeches from major central bank officials and key economic data, including German business sentiment and U.S. factory activity, for further direction amid heightened volatility.