Quentin Webb

Well, where this ruling leaves things is we already have this extraordinary level of uncertainty there. created by tariffs and the trade war. And if anything, that has just become even more complicated. So this could potentially end up in the Supreme Court. We don't know. We know that this is a Supreme Court that has generally been sympathetic to a slightly broader...

Well, where this ruling leaves things is we already have this extraordinary level of uncertainty there. created by tariffs and the trade war. And if anything, that has just become even more complicated. So this could potentially end up in the Supreme Court. We don't know. We know that this is a Supreme Court that has generally been sympathetic to a slightly broader...

interpretation of executive power, so potentially some of this could be reinstated. We also don't know whether the Trump administration could look to use other tools to work on the same tariffs. This decision effectively says that some of this is in the purview of Congress rather than the executive, but there are other methods that can be used for the executive to introduce tariffs.

interpretation of executive power, so potentially some of this could be reinstated. We also don't know whether the Trump administration could look to use other tools to work on the same tariffs. This decision effectively says that some of this is in the purview of Congress rather than the executive, but there are other methods that can be used for the executive to introduce tariffs.

And we also don't know exactly how this will affect all of these ongoing trade negotiations with counterparties like the European Union and China.

And we also don't know exactly how this will affect all of these ongoing trade negotiations with counterparties like the European Union and China.

One of the reasons that markets are rallying is that investors think this effectively gives others a bit more leverage in negotiations with the Trump administration, because why would you rush to do a deal that could disadvantage you when you know that potentially the tariffs won't hold at the end of the deadline that the Trump administration has imposed for talks.

One of the reasons that markets are rallying is that investors think this effectively gives others a bit more leverage in negotiations with the Trump administration, because why would you rush to do a deal that could disadvantage you when you know that potentially the tariffs won't hold at the end of the deadline that the Trump administration has imposed for talks.

So there's already this kind of like unpredictability, which people in the Trump administration say is part of the negotiation strategy, part of Trump's art of the deal. And then to that, you add this second layer of uncertainty, which is that there are other actors within the US system who The states, small business, the courts that are pushing in a different direction.

So there's already this kind of like unpredictability, which people in the Trump administration say is part of the negotiation strategy, part of Trump's art of the deal. And then to that, you add this second layer of uncertainty, which is that there are other actors within the US system who The states, small business, the courts that are pushing in a different direction.

So it becomes harder and harder to work out where we go from here.

So it becomes harder and harder to work out where we go from here.

It seems like a kind of modestly positive reaction from markets, if you like. So stocks in Japan up, stocks in Europe broadly up, U.S. stock futures up, pointing to kind of higher open today. And of course, strong results from NVIDIA also probably feeding into stronger sentiment for the U.S. market. So on balance, you know, the global investor view is that this is good news.

It seems like a kind of modestly positive reaction from markets, if you like. So stocks in Japan up, stocks in Europe broadly up, U.S. stock futures up, pointing to kind of higher open today. And of course, strong results from NVIDIA also probably feeding into stronger sentiment for the U.S. market. So on balance, you know, the global investor view is that this is good news.

But of course, there are all these myriad uncertainties that we talked about. So hard to kind of take too definitive a stance on this.

But of course, there are all these myriad uncertainties that we talked about. So hard to kind of take too definitive a stance on this.

Problem gelöst.

Problem gelöst.

Right. Well, I think there's just sort of building optimism about the future of digital currencies. Earlier this week, we saw a stablecoin bill make a key kind of step forward in the Senate. So we're moving towards stability.

Right. Well, I think there's just sort of building optimism about the future of digital currencies. Earlier this week, we saw a stablecoin bill make a key kind of step forward in the Senate. So we're moving towards stability.