Key Highlights
- The rebound on Wall Street from April’s tariff-driven slump is likely to face a key test, as the US Supreme Court is set to deliver its verdict on US President Donald Trump’s tariffs later today.
- Traders are also bracing for the US payrolls report, which could offer further clarity on the US Federal Reserve’s interest rate cut path, following recent mixed economic data that provided limited cues on future monetary easing.
- Soon after taking charge as US president for a second term in January 2025, Trump reopened his tariff playbook, this time targeting a wider set of trading partners, including India, changing the world order, which had remained intact for decades.
- He announced tariffs in the range of 10–50% in April.
- While some countries have signed trade deals with the US, others are still engaged in discussions, with India being one of them.
