TL;DR

U.S. court strikes down Trump tariffs; Dow futures jump; oil rises on trade and Mideast risks.

Highlights

• U.S. court strikes down Trump’s 10% global tariffs and higher levies on China, Mexico, Canada; Dow futures up 400–500 points; White House to appeal 1.
• Oil rises over $1/barrel (WTI >$62, Brent $65.71) on tariff ruling, U.S. threats of new Russia sanctions, and OPEC+ supply outlook 3.
• Best Buy cuts 2026 outlook citing China tariffs; Q1 EPS beats, revenue misses; shares down ~3% premarket 5.
• Chevron to cut 800 Permian Basin jobs as part of a 20% global workforce reduction by 2026; restructuring follows Venezuela exit and Hess deal 4.
• U.S. to revoke visas of 277,000 Chinese students in critical fields, escalating U.S.-China tensions 2.
• Nvidia faces bipartisan Senate criticism over Shanghai facility plans, raising fresh U.S.-China tech security concerns 7.
• Toyota April sales surge 10% globally, driven by U.S. pre-tariff demand; company warns of possible future price hikes 19.
• White House adviser Hassett says three trade deals are near completion, with potential for tariff reductions below 10% 14.
• BOJ signals further rate hikes as Japan nears 2% inflation; yen volatile, super-long JGB yields spike 9.
• Bank of Korea cuts rates to 2.50%, halves 2025 growth forecast, citing U.S. tariffs and export slowdown 10.
• Middle East: Israel preps for Iran strike without U.S. help; U.S. and Iran near nuclear deal; Gulf states urge diplomacy 81820.
• VivoPower raises $121M for XRP-focused treasury, led by Saudi prince; plans EV and digital asset unit spinoffs 13.

Commentary

The U.S. Court of International Trade’s decision to vacate Trump’s 10% global tariffs is driving a premarket rally, with Dow futures up sharply 1. The ruling, which immediately lifts tariffs on a broad range of imports from China, Mexico, and Canada, offers near-term relief for U.S. importers, manufacturers, and retailers 1. However, the White House’s intent to appeal and the continued enforcement of sector-specific tariffs (steel, autos) mean that trade policy uncertainty persists 1. White House adviser Hassett’s comments on imminent trade deals and possible further tariff reductions add another layer of complexity for global supply chains and multinational earnings 14.

Commodity markets are reacting to both the tariff news and fresh geopolitical risk. Oil prices are higher as the market digests the tariff ruling, threats of new U.S. sanctions on Russian crude, and anticipation of this weekend’s OPEC+ meeting, where further supply adjustments may be discussed 3. Chevron ’s announced layoffs in the Permian Basin and ongoing restructuring reflect both cost discipline and shifting global energy dynamics, as the company exits Venezuela and pursues the Hess acquisition 4.

In corporate earnings, Best Buy ’s guidance cut—attributed to the impact of China tariffs on sourcing—underscores ongoing margin pressure for U.S. retailers reliant on Asian imports, despite a slight beat on Q1 EPS 5. Toyota ’s strong April sales in the U.S. were boosted by pre-tariff buying, but the company warns that it may have to pass on higher costs if tariffs remain 19. Nvidia ’s China exposure remains under scrutiny, with bipartisan Senate criticism of its Shanghai expansion plans highlighting persistent U.S.-China tech tensions 7.

Central bank policy divergence in Asia is notable. The Bank of Japan is signaling further rate hikes as inflation nears target, causing volatility in the yen and long-dated JGBs 9. Meanwhile, the Bank of Korea is moving in the opposite direction, cutting rates and slashing its growth outlook, citing U.S. trade policy as a key drag 10. These moves may influence currency and capital flows across the region.

Middle East risk remains elevated: Israel is preparing for potential strikes on Iran’s nuclear sites without U.S. support, even as U.S.-Iran nuclear talks progress and Gulf states urge restraint 81820. This backdrop could keep energy and defense names in focus. In digital assets, VivoPower’s XRP treasury move and Russia’s crypto derivatives policy highlight continued institutional interest in blockchain, though these are secondary to the day’s macro drivers 1213.