New 15% global tariffs: How did markets respond on Monday, and where to from here?

Core Viewpoint - The US Supreme Court has deemed the legislation used by the Trump administration to impose tariffs as invalid, leading to a significant shift in tariff policy [2][3]. Tariff Policy Changes - The SCOTUS ruling has rendered Trump's existing tariffs 'illegal' due to lack of legislative backing [2]. - Following the ruling, Trump has introduced a new 15% global tariff applicable to all countries, creating uncertainty for nations with existing lower-rate trade agreements [3]. Market Reactions - The ASX200 index declined by 0.6% following the tariff news but remains above the 9,000 points level [5]. - The KOPSI in Korea reached a new record, while the NZX experienced gains in the health tech sector [8][9]. Commodity Price Movements - Gold prices have risen above US$5,155 per ounce, reflecting increased market uncertainty due to the new tariff policies [10]. - Silver prices increased by 5.6%, surpassing US$85 per ounce, indicating renewed interest in silver as a trade [10]. Cryptocurrency Market Impact - Bitcoin's price has fallen below US$65,000, suggesting a liquidity shift out of Bitcoin, possibly into prediction markets, as investors adopt a risk-off approach [12][13].