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Supreme Court's Tariff Ruling Could Reshape Asian Markets

1/13/2026

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Summary

Story summary

The U.S. Supreme Court is set to rule on U.S. President Donald Trump's tariffs, with potential implications for policy and markets.
The Morgan Stanley Capital International (MSCI) Asia Pacific Index has risen about 3% in 2026, while the Bloomberg Asia Dollar Index has dipped 0.1%.
A ruling against the tariffs could lead to substantial refunds for importers and boost Asian currencies and stocks, notably in China and India.

History

Historical Context

The Smoot-Hawley Tariff Act, signed by President Herbert Hoover on June 17, 1930, raised tariffs on over 20,000 imported goods, aiming to protect American industries during the Great Depression. This protectionist measure led to retaliatory tariffs from countries like Canada and the UK, contributing to a 67% decline in global trade and worsening the economic crisis, a cautionary tale echoed in today's tariff debates.

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Story summary

The U.S. Supreme Court is set to rule on U.S. President Donald Trump's tariffs, with potential implications for policy and markets.
The Morgan Stanley Capital International (MSCI) Asia Pacific Index has risen about 3% in 2026, while the Bloomberg Asia Dollar Index has dipped 0.1%.
A ruling against the tariffs could lead to substantial refunds for importers and boost Asian currencies and stocks, notably in China and India.

1 / 2