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Trump tariffs blocked by US court: "Expect a relief rally in emerging markets, global industrials, and commodities"

ended 29. May 2025

Following a US Federal court blocking Trump's tariffs and giving his administration 10 days to unwind everything that has been implemented to date, Newspage asked financial services experts what impact this could have on markets — and which asset classes could be positively or negatively impacted. 

One said: “Expect a relief rally in emerging markets, global industrials, and commodities — the very sectors that suffered during the tariff era. Meanwhile, safe havens like gold and Treasuries could retreat, and previously protected US industries may feel the squeeze.” Another added: “Gold has dipped to over a one-week low amid risk-on sentiment.” A third said: “Big tech could rally hard on the back of this news, especially following the mammoth Nvidia earnings yesterday.”

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5 responses from the Newspage community

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Scott Gallacher
Director at Rowley Turton
The court’s ruling to block and unwind Trump’s tariffs will hopefully undo much of the damage his trade war did to markets and investment values. Expect a relief rally in emerging markets, global industrials, and commodities — the very sectors that suffered during the tariff era. Meanwhile, safe havens like gold and Treasuries could retreat, and previously protected US industries may feel the squeeze. In short: the Trump trade war trade is unwinding — fast.
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David Stirling
Independent Financial Adviser at Mint Wealth
Trump’s tariff tantrum appears to have been temporarily tamed, at least for now. He continues to invoke emergency powers as justification for imposing steep tariffs on key trading partners, a move that has already triggered significant economic disruption across the globe. The resulting uncertainty continues to ripple through the financial markets. It will be interesting to observe how markets respond in the coming week and, perhaps more importantly, how Trump reacts to these developments.
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Tony Redondo
Founder at Cosmos Currency Exchange
Trump’s tariff takedown has shaken global markets. A US court’s ruling to block Trump’s tariffs with a 10-day unwind deadline for the often-paused measures — the 'TACO Trade' — has seen the dollar rise across the board; the Dollar Index, down 9.7% in 2025 to date, is set to gain 1%-2%, though Trump’s appeal could cap this. Equities have lift-off with the S&P 500 futures up 1.5% and the Nikkei up nearly 2%. Gold has dipped to over a one-week low amid risk-on sentiment, while bonds will face yield pressure from deficit fears. Trump’s overreach underscores policy chaos in a 1.8% U.S. growth economy. For the UK, with 3.5% inflation and 0.75% UK growth, this offers trade relief, but a looming Supreme Court battle will keep markets on edge.
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Rob Mansfield
Independent Financial Advisor at Rootes Wealth Management
With the rate at which things are changing, there is a real danger that the market starts to perceive everything as noise and discounts it. These tariffs are part of a bigger picture to reshape global trade and there will be winners and losers from it. If it doesn't happen via tariffs, it'll be something else. Trump has been clear on the direction of travel. His vision of America, comes first. It's a time to be vigilant and deliberate in what you invest in.
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David Belle
Founder and Trader at Fink Money
There is quite literally nothing they will be able to do to block this for too long. However, it has sent the S&P 500 higher, which traders and investors won’t be annoyed at. If volatility is sold, this makes for a far more pro-risk environment. What will be interesting is seeing which stocks this really benefits at the open today — one uk stock that is not benefiting so far is Rolls Royce. This is because the US court is blocking the tariff-free access to jet engines. As a result I’d expect Boeing shares to be hit in the interim. Big tech could rally hard on the back of this news, especially following the mammoth Nvidia earnings yesterday.