Uncertainty continues to shroud the market! Tariff rulings "delayed again", causing a downturn in the three major US stock indices.

On Wednesday, the United States Supreme Court did not make a ruling on the legal challenge to President Trump's tariff policy, meaning that the global markets will have to wait until at least next week to know the final fate of this landmark economic policy. The Supreme Court has not yet specified a specific time for when they will release their ruling, but judges will continue to hear cases next Tuesday or Wednesday, with the possibility of announcing relevant decisions at that time. Looking back at the hearing on November 5th of last year, questioning from several justices showed a clear skepticism towards whether Trump had the authority to impose widespread tariffs based on a 1977 law granting the president special powers in "emergency situations." If the Supreme Court ultimately rules that the tariff measures are unlawful, this would be the biggest legal setback Trump has faced since returning to the White House. The case revolves around the so-called "Liberation Day" tariff plan announced by Trump on April 2nd, which imposes tariffs ranging from 10% to 50% on most imported goods, with additional tariffs imposed on goods from Canada, Mexico, and China under the pretext of combating fentanyl trafficking. Against this backdrop, the market is now paying more attention to the signals released by the timing of the ruling itself. Analysts point out that if the Supreme Court's ruling continues to be delayed and pushed back to late February, the legal balance that initially seemed unfavorable to the Trump administration could undergo subtle changes. Several institutions, including Evercore ISI, currently maintain the baseline judgment that the Trump administration may lose the case, but they also caution investors to pay attention to a key variable, time. They believe that for each week the ruling is delayed, the probability of the Trump administration ultimately winning increases. This ruling also has a potential significant impact on the financial markets. Some strategists are concerned that if tariffs are lifted, increased policy uncertainty could weigh on the stock market; however, there are also viewpoints that suggest that removing tariff barriers would help improve the inflation outlook and boost mid-term economic growth, providing support for risk assets instead. On Wednesday, the three major U.S. stock indices opened lower and continued to decline, with the Nasdaq falling over 1.5%, the S&P 500 falling over 1%, and the Dow Jones falling 0.58%. The gains in precious metals narrowed, with spot gold rising by 0.58% to $4613.27, and spot silver rising by 4.87% to $91.3.