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• That didn’t take long: Trump increases global tariff to 15% from 10%

At a glance:

• US Supreme Court struck down Trump’s IEEPA tariffs; Trump responded with flat 15% global tariff

• Refund uncertainty adds fresh legal and policy ambiguity

• USD broadly sold; EUR/USD back above 1.18

• USD/JPY fell sharply toward 154.00

• Gold hit three-week high; oil eased on Globex reopen

• US-Iran talks to resume Thursday, interim deal possibility flagged

• Crypto slid sharply; Bitcoin back below US$65K amid liquidation chatter

Markets entered the session digesting Friday’s major development: the US Supreme Court struck down President Donald Trump’s IEEPA-based tariff regime. In response, Trump announced a new flat 15% global tariff, up from the 10% rate initially flagged. Uncertainty remains over potential tariff refunds, with Trump indicating the issue is unclear and could face prolonged litigation, adding another layer of policy ambiguity.

Japanese and mainland Chinese markets were closed. Thin regional liquidity likely amplified some of the financial market moves. Tuesday will see Japan returning after a long weekend and China reopening after their extended Spring Break / Lunar New Year holiday.

The US dollar was broadly sold. EUR/USD pushed back above 1.18, helped in part by comments from German Chancellor Merz suggesting the Supreme Court ruling could ultimately reduce tariff pressure on Germany’s economy. French Trade Minister Forissier added that discussions with EU counterparts are ongoing and that the EU retains tools to retaliate if necessary.

USD/JPY fell roughly a big figure to around 154.00. Japan’s ruling LDP tax chief Onodera described the US tariff situation as “a real mess,” underscoring Tokyo’s discomfort with renewed trade volatility.

Gold climbed to a three-week high as trade uncertainty boosted safe-haven demand. Oil futures, however, declined on the Globex reopen, with traders weighing tariff-driven demand concerns against the resumption of US-Iran talks later this week. An Iranian official suggested an interim agreement is possible and noted US firms could participate as contractors in Iranian oil and gas projects.

Crypto markets were hit hard. Bitcoin slipped back below US$65K, with talk of large liquidation flow,— figures around US$200 million were circulating, exacerbating downside momentum.

This article was written by Eamonn Sheridan at investinglive.com.