关税违法，市场大涨

Core Viewpoint - The U.S. Supreme Court ruled against former President Trump's imposition of tariffs, stating that the International Emergency Economic Powers Act (IEEPA) does not authorize such actions, marking a significant legal setback for the Trump administration [10][12]. Group 1: Market Reactions - Gold and silver experienced significant volatility, with silver rising nearly 5% and gold increasing over 1% as the market reacted to the Supreme Court's decision [6]. - Chinese assets showed positive movement, with the Chinese concept stock index opening lower but then rising, and the FTSE China A50 index increasing by nearly 1% [7]. Group 2: Legal and Political Implications - The Supreme Court's decision was a rare defeat for Trump, who had a conservative majority in the court, with the ruling emphasizing that the president does not have inherent power to impose tariffs during peacetime [11][12]. - The ruling was welcomed by a coalition of over 800 small businesses, which viewed it as a significant victory, urging the government to establish an efficient refund process for the tariffs paid [12]. Group 3: Future Actions and Economic Impact - Trump indicated he is considering alternative plans to maintain tariffs, potentially invoking national security clauses or unfair trade retaliation measures [13]. - The estimated total of tariffs imposed under the IEEPA exceeds $175 billion, which may need to be refunded following the Supreme Court's ruling [13].