Russ Mould, investment director at AJ Bell, said: “There is some trepidation in the air after last Friday’s ruling from the Supreme Court.
“While tariffs are generally not seen as market friendly, investors had absorbed the trade policies announced by the Trump administration last year and were just hoping for some certainty and stability.
“Last week’s intervention from the Supreme Court delivers none of that – President Trump’s subsequent announcement of 10 per cent global levies, rising to 15 per cent over the weekend, can stay in place for a few months before they require congressional approval.
“This creates yet another cliff edge and the events of recent days have left global governments scrambling to work out whether the deals they had agreed with the US will be affected and also whether money collected by the US Government will have to be paid back.
“To date, the market reaction has been fairly mild.
“The FTSE 100 is only down modestly on Monday, benefiting from its precious metals allocation as gold prices move higher amid the uncertainty.
“The dollar is a touch weaker and US Treasury yields ticked higher as traders weigh the possible impact on the US deficit.
“US futures are also pointing to a lower open on Wall Street when trading resumes later.”
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