Julie Morgan

trade deficits.

Lower courts ruled the move went beyond the president's authority,

and the Trump administration appealed, sending the case to the Supreme Court.

While the court does not say in advance which decisions it will release, its fast-tracked handling of this case suggests a ruling could come as soon as today.

The president weighed in on social media this week, urging the court to allow the tariffs to stand and crediting them for recent record highs in U.S.

markets.

Prediction markets currently put the odds of the court siding with Trump at about 25%.

If the justices strike down the tariffs, the federal government could be forced to refund more than $133 billion in duties paid by importers, according to U.S.

Customs and Border Protection.

Alibaba saw its shares rally as much as 3.1% in Hong Kong, marking its strongest intraday performance since late 2024.

This was triggered by a Bloomberg report stating that Beijing is preparing to approve the import of NVIDIA's H200 AI chips for commercial use as early as this quarter.

The news sparked a sector-wide rally.

with other Chinese AI leaders like Kawasho Technology and JD.com each gaining over 4%.

According to sources, Alibaba has made a confidential inquiry about purchasing more than 200,000 units of the H200 to support its large language models and compete with American competitors like OpenAI.

The current optimism stems from a policy shift in December 2025,

where the Trump administration authorized the export of H-200 chips to China, provided a 25% surcharge is paid to the U.S.

government.

The CEO of Disney, Bob Iger, met with the Chinese vice premier in Beijing on Friday and said the entertainment conglomerate will continue to expand its investment in China.

A state-run news agency reported that Iger said Disney is confident in China's development and will better promote exchanges and cooperation between the U.S.

and China.