ETO MARKETS：最高法院将决定特朗普贸易战略命运，全球屏息以待

Group 1 - The U.S. Court of Appeals has temporarily halted a lower court's ban on Trump's tariff measures, providing the White House with a reprieve in a significant judicial battle affecting global trade [1][3] - The deadline for the cancellation of tariffs has been extended to June 9, allowing for further legal discussions on the legitimacy of the tariffs, which cover products like steel, aluminum, and automobiles [3] - If the appellate court or the Supreme Court supports the White House's position, punitive tariffs could remain in place for several months, impacting Trump's ability to fulfill campaign promises [3] Group 2 - The Trump administration is reportedly preparing alternative strategies to address the judicial challenges, including potentially using the Trade Expansion Act, which would require a lengthy investigation process [3] - Legal experts have raised concerns about the constitutional validity of Trump's tariff strategy, suggesting that it may overstep the legislative authority granted to Congress [3] - The ongoing judicial battle has led to a halt in tariff exemption applications for $3 billion worth of goods, causing delays in trade negotiations with multiple countries [3] Group 3 - The judicial ruling is reshaping global capital expectations, with emerging market bond funds seeing an influx of $3.7 billion in the week following the ban on tariffs, indicating a reassessment of the sustainability of tariff policies [4] - Market analysts suggest that the conditions for the effectiveness of tariff policies are being re-evaluated, which could diminish their deterrent effect [4]