According to Golden Finance, eToro analyst Lale Akoner stated that the market underestimated the risk of US tariffs being overturned by federal courts. If this happens, I think President Trump will have to refund these tariff revenues. He may need to go through a longer process. This will lead to more uncertainty. These risks are detrimental to US assets. The purpose of tariffs is to increase revenue, as Trump's tax and spending bills will increase the national debt. The US Federal Circuit Court of Appeals expressed doubts last week about Trump's attempt to justify his use of emergency powers to impose global tariffs.
