24/02/2026

BIZ & FINANCE TUESDAY | FEB 24, 2026

16

Asian stocks rally after Trump’s tariff setback

Gold climbs to three-week high amid uncertainty

NEW YORK: Gold climbed to a three-week high yesterday as uncertainty stoked by the US Supreme Court’s decision to strike down a vast swathe of President Donald Trump’s tariffs pressured the dollar and pushed investors to the safety of bullion. Spot gold climbed 0.6% to US$5,136.22 per ounce by 0729 GMT (3.29pm in Malaysia), having earlier hit its highest since Jan 30. US gold futures for April delivery were up 1.5% at US$5,157.50. “The court’s tariff ruling has, aside from earning the ire of the US president, added another layer of uncertainty to global markets, with traders again turning to gold as a defensive play,” said Tim Waterer, chief market analyst at KCM Trade. The US Supreme Court struck down Trump’s sweeping tariffs that he pursued under a law meant for use in national emergencies. After the court ruling, Trump said he would raise a temporary tariff from 10% to 15% on US imports from all countries. Wall Street futures and the dollar slid in Asia yesterday as murkiness around U.S. tariffs revived the “sell America” trade. “Whether gold can claw its way back above US$5,400 in the near-term may rest on how long tariff uncertainty lingers and whether the US engages in military action against Iran,” KCM’s Waterer said. Iran has indicated it is prepared to make concessions on its nuclear programme in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert an American attack. Meanwhile, data on Friday showed that underlying US inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve won’t cut interest rates before June. Spot silver climbed 1.2% to US$85.57 per ounce, a more than two-week high. Spot platinum edged 0.3% lower to US$2,149.22 per ounce, and palladium slipped 0.4% to US$1,740.25. – Reuters US customs agency to stop collecting levies deemed illegal NEW YORK: The US Customs and Border Protection agency said it will halt collections of tariffs imposed under the International Emergency Economic Powers Act today, more than three days after the Supreme Court declared the duties illegal. The agency said in a message to shippers on its Cargo Systems Messaging Service (CSMS) that it will de-activate all tariff codes associated with President Donald Trump’s prior IEEPA-related orders as of today. The IEEPA tariff collection halt coincides with Trump’s imposition of a new, 15% global tariff under a different legal authority to replace the ones struck down by the Supreme Court on Friday. CBP gave no reason why it was continuing to collect the tariffs at ports of entry days after the court ruling, and its message offered no information about possible refunds for importers. The message noted that the collection halt does not affect any other tariffs imposed by Trump, including those under the Section 232 national security statute and the Section 301 unfair trade practices statute. “CBP will provide additional guidance to the trade community through CSMS messages as appropriate,” the agency said. Reuters reported on Friday that the Supreme Court decision made more than US$175 billion in US Treasury revenue generated by the IEEPA tariffs subject to potential refunds, based on an estimate by Penn-Wharton Budget Model economists. – Reuters

HONG KONG: Asian stocks rose while the dollar fell yesterday after the US Supreme Court struck down a large part of President Donald Trump’s tariffs policy that had sent shockwaves through the global economy last year. The rally was led by tech firms, which have been at the forefront of regional gains this year as traders turn away from Wall Street to seek out cheaper investments amid concerns about extended valuations. Trump’s trade agenda was dealt a hefty blow on Friday when the country’s top court ruled that the International Emergency Economic Powers Act used by the White House to impose sweeping levies in April “does not authorise the president to impose tariffs”. The furious Republican president immediately vowed to impose a global tariff of 10% under a separate authority, before raising it to 15% on Saturday. However, the measures have numerous carve-outs and are only legally allowed to remain in place for 150 days. The development fanned a fresh round of uncertainty, with calls growing for the government to repay cash taken under the scheme and analysts warning officials would likely pursue other ways of imposing his tolls. “The first observation to make is that IEEPA tariffs may be dead, but Trump’s trade regime o Supreme Court decision seen as benefiting China, India “So we’re having active conversations with them. We want them to understand that these deals are going to be good deals,” US Trade Representative Jamieson Greer said on the CBS programme Face the Nation . “We expect to stand by them. We expect our partners to stand by them.” But European Central Bank president Christine Lagarde said on the same show she is not sure what the consequences of the US court decision are. “So I hope it’s going to be clarified, and it’s going to be sufficiently thought through, so that we don’t have, again, more challenges, and the proposals will be in compliance with the constitution, in compliance with the law,” said Lagarde. Greer said a meeting planned for April between Trump and Chinese President Xi Jinping is “not to fight about trade”. “It’s to maintain stability, make sure that the Chinese are holding up their end of our deal and buying American agricultural products and Boeings and other things, and making sure they’re sending us the rare earth that we need,” Greer said on ABC. On Friday, the US Supreme Court ruled 6-3 that the president had exceeded his authority in imposing tariffs under a 1977 economic emergency powers act, saying Congress had to give its approval. Trump reacted furiously and announced a new 10% global duty on imports under a different legal authority, then raised it to 15% on Saturday. It kicks in today, is due to last 150 days and

Court’s decision, which is seen as benefiting China and India, with tech firms the best performers. Hong Kong rose more than 2%, with e-commerce titans Alibaba and JD.com surging more than 3%, while Seoul hit another record high thanks to big advances for chipmakers Samsung Electronics and SK hynix. Singapore, Wellington, Taipei, Mumbai, Bangkok and Manila also rose, though Sydney dipped. Tokyo and Shanghai were closed for holidays. London, Paris and Frankfurt all dropped at the open. “This looks less like ‘tariffs are over’ and more like ‘effective tariffs may be lower than feared, but policy uncertainty and fiscal noise remain high’,” wrote Saxo Markets chief investment strategist Charu Chanana. The strong start to the week followed gains on Wall Street, where the tariff ruling overshadowed data showing the US economy grew much slower than expected in the fourth quarter of 2025, when it was hit by the extended government shutdown. The uncertainty also weighed on the dollar, which was well down against the yen, pound and euro. And oil prices dropped more than one percent amid hopes for an Iran nuclear deal. That has tempered last week’s concerns about a possible US strike on the country after Trump warned “bad things happen”, as he deployed warships, fighter jets and other military hardware to the Middle East. – AFP

isn’t,” wrote Rodrigo Catril at National Australia Bank. “The administration has several avenues it can pursue, these are likely to be litigated over several years, but there is no sign President Trump is planning to back down. “Another conclusion is that the tariff landscape is now more uncertain than before, uncertainty is not good news for any economy or market. “Unless commonsense prevails, we could be entering a circular process where new tariffs are announced, then potentially overturned, only for new tariffs to be announced, and we do the dance again.” The decision also raised questions about trade deals Washington has signed. European leaders had been due to approve the EU-US deal on Tuesday but the head of the European Parliament’s trade committee said he would call for putting “legislative work on hold until we have a proper legal assessment and clear commitments from the US side”. And Bloomberg reported that Indian trade officials will postpone a trip to the United States aimed at finalising their interim agreement. China said yesterday it was conducting a “comprehensive assessment” of the ruling’s impact, and called on Washington to lift the tariffs. “China urges the United States to cancel its unilateral tariff measures on its trading partners,” the Commerce Ministry said in a statement. “There are no winners in a trade war ... protectionism leads nowhere.” Asian investors welcomed the Supreme

Washington: Trade deals in force despite court ruling NEW YORK: US trade deals with the European Union, China and other partners remain in force despite the Supreme Court ruling that struck down many of President Donald Trump’s tariffs, a top official said on Sunday.

A shipping container is offloaded from a container ship at the Port of Los Angeles. – AFPPIC

latter was the top level the president was allowed by law. Greer was also asked about Trump’s aggressive use of tariffs despite the fact that polls show most Americans disapprove of this policy. “The president has been campaigning on tariffs and protecting American industry for many years, and he does what he says, he delivers on his promises,” Greer said. – AFP

has exemptions for some products. “It’s important to understand that over the years, Congress has delegated enormous tariff setting authority to the president,” Greer said on CBS. He added that tariffs imposed outside the authority struck down by the court remain in effect. Asked about Trump’s decision to quickly raise the new tariff from 10% to 15%, Greer said the