On Friday morning, stock futures in the United States dropped slightly after a big legal decision brought back most of the tariffs introduced by former President Donald Trump. A federal appeals court reversed an earlier ruling that had blocked many of these tariffs. This change has made investors a little nervous, even though it’s the last trading day of a month that has been good for the stock market.

Over the past month, the stock market has been doing quite well. The S&P 500 and the Nasdaq are both expected to end May with their best results since November 2023. The Dow Jones is also heading toward a strong gain of nearly 4% for the month. But even with these strong numbers, the sudden news about tariffs has caused some worry among investors.

The legal fight started when a lower court decided that former President Trump had gone too far by using emergency powers to set these tariffs. These tariffs were mainly extra taxes on goods coming into the country from overseas. Some of them were general tariffs of 10% on many imports, while others were more focused, aimed at countries that the U.S. believed were not being fair in trade.

However, the appeals court disagreed with the lower court. It said the tariffs could stay in place for now, while both sides prepare to argue their case further. The people who sued the government must respond by June 5, and the government has until June 9 to make its argument. This back-and-forth in court could continue for months, and it’s likely that the case will eventually reach the Supreme Court.

While all of this is happening, hopes for better trade deals between the U.S. and other countries have helped boost the market in recent weeks. Positive company earnings and low inflation have also made investors feel good. But the sudden return of the tariffs has caused some unease, and many are waiting to see what happens next.

One important relationship being watched closely is between the U.S. and China. Trade talks between the two countries have not been going very well. The U.S. Treasury Secretary said that these talks are “a bit stalled” and that it might take direct talks between President Trump and Chinese President Xi Jinping to get things moving again.

Early on Friday, the Dow Jones futures were down by about 31 points, which is a drop of 0.07%. The S&P 500 futures were down by 8.5 points or 0.14%, and the Nasdaq 100 futures were down by 36.5 points or 0.17%. This means that investors were feeling cautious before the markets officially opened for the day.

Many of the biggest technology and growth companies also saw small drops in value during premarket trading. For example, Nvidia, a large computer chip company, went down by 0.7% even though it had shared strong revenue growth in the last session. This shows how sensitive the market can be to news like the court ruling.

Outside the U.S., European markets were doing a little better. Stock indexes in France, Germany, and the United Kingdom all rose slightly. But in Asia, most markets finished the day lower, partly because of worries about what the U.S. tariffs might mean for global trade.

The legal case about the tariffs is far from over. The government is planning to ask the U.S. Supreme Court to take a look at the case. Officials believe the lower court’s original decision went too far and could weaken the president’s ability to make important decisions about trade. They want the Supreme Court to allow the tariffs to continue.

At the same time, the White House has said that it still has other ways to put tariffs in place, even if the court challenges continue. This means that, for now, the tariffs are likely to stay, and U.S. companies and their trading partners around the world will need to adjust.

For investors, all this legal drama adds a layer of uncertainty. The stock market usually doesn’t like surprises, especially when they come from the government or the courts. Even though the market had a strong May, this new twist could affect how it performs in the coming weeks.

The bigger picture shows how complex global trade has become. Tariffs can change prices, shift supply chains, and affect relationships between countries. What started as a court decision about one president’s power is now having an effect on millions of people, from factory workers to shoppers to investors around the world.

Many are now wondering what comes next. Will the Supreme Court step in and make a final decision? Will the U.S. and China find a way to agree on trade? Will the markets keep going up, or will this new uncertainty slow things down? These are the questions that people in business and government will be thinking about in the days to come.

As of now, the return of most of Trump’s tariffs has added another challenge to the already complicated world of global trade. Investors, business leaders, and everyday people will be watching closely as the situation continues to unfold.