#美国核心物价涨幅不及市场预估 January 20th, the U.S. Supreme Court will make a critical ruling on Trump's tariff case, a decision that could reshape the recent global financial landscape.

If the court rejects the proposal, the plan for the U.S. president to impose 10%-50% tariffs on most imported goods will not be implemented—this is almost the best outcome for financial markets. Stable policy expectations and a controllable trade environment mean asset pricing will be more rational, and market volatility will significantly converge.

But on the flip side? If the ruling supports the tariff policy, a surge in global trade frictions is almost certain, with chain reactions impacting the stock market, bond market, and even the crypto market, which will find it hard to remain unaffected. At that point, talking about stability will seem a bit of a luxury.

For any market participant, the best expectation is of course the former—let this trade war come to an end, giving the entire financial ecosystem a chance to breathe.

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