President Trump’s reaction to Supreme Court tariff ruling appears to cause further uncertainty

The U.S. Supreme Court on Friday struck down many of President Donald Trump’s “reciprocal” tariffs imposed under the International Emergency Economic Powers Act.

However, White House leaders did not accept this decision quietly. Hours later, President Trump announced on Truth Social that he would use Section 122 of the new law to impose 10% tariffs worldwide, and the next day he increased the tariffs to 15%. For tariff critics, things look like one step forward and two steps back.

In fact, U.S. importers are still paying “reciprocal” duties on goods that are now illegal because U.S. Customs and Border Protection hasn’t updated its system to eliminate tariffs, CNBC’s Lorie Ann LaRocco reported. And, as Supreme Court Justice Brett Kavanaugh said in his dissent, refunding importers the estimated $175 billion collected in tariffs would be “disruptive.”

The geopolitical implications of this ruling are already being felt. India will postpone a scheduled trade visit to Washington, D.C., to assess the impact of the ruling, sources told CNBC.

But U.S. markets on Friday welcomed the tariff decision, with major indexes rising. shares of AmazonThe company, which sources most of its stock from overseas, rose nearly 2.6%. However, US futures fell on Sunday night.

The United States and Iran will hold their next round of talks on other areas in Geneva on Thursday, the Associated Press reported, citing Oman’s foreign minister. An Iranian official told Reuters that no agreement was reached during previous talks because Washington and Tehran had different ideas about what sanctions relief would look like.

Even though Monday has already started with a flurry of tariffs and geopolitical developments, there will be one event in the spotlight this week. Nvidia’s The U.S. results on Wednesday come amid turmoil in the artificial intelligence field. Investors will be hoping that CEO Jensen Huang will provide some insight into not only spending in this area, but also how AI is being deployed and used to enhance or replace other services.

U.S. GDP in the fourth quarter was weaker than expected, growing at an annualized rate of 1.4%, below the Dow Jones forecast for an increase of 2.5%. Separately, the core personal consumption expenditure price index rose 3% in December, up 0.2 points from November.

Key takeaways from the Supreme Court’s decision: The economic impact is expected to be limited. Inflation may be contained in the short term. That could provide a tailwind to the market. Refunding customs duties is likely to be a hassle. Finally, and most importantly, tariffs will not be eliminated.

The ruling was cautiously welcomed by U.S. trading partners, as leaders from France, the United Kingdom and the European Union reacted to the tariff cuts. However, they expressed concern that tariffs could still be imposed in other ways and that the situation would remain “uncertain” for businesses.

Major US indexes rose on Friday. Regarding that week, S&P500 has increased by 1.1%, Dow Jones Industrial Average The stock closed 0.3% higher. Nasdaq Composite Added 1.5%. pan-european Stocks 600 It rose 0.84%, with all major exchanges in the green.

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Chaos, confusion and $200 billion dreams: What we saw at India’s AI summit

India hosted one of the world’s biggest AI events this week, but it was marred by chaos and confusion, and a message that clearly differs from the one the country is trying to convey as it strives to become an artificial intelligence powerhouse.

Despite all this drama, technology companies, especially from the US, could not resist the lure of the Indian market and made numerous announcements talking about the potential of AI in India.

— Arjun Karpal