Asian and European stock markets saw gains today after a US trade court temporarily blocked the implementation of sweeping tariffs introduced under former President Donald Trump. The ruling, however, has introduced new uncertainty for global trade.

Despite the court's decision, market analysts remain cautious. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, noted that while the ruling provides a reprieve, volatility is expected to continue:

“Tariffs are unlikely to disappear entirely. The administration may still pursue them under other provisions of the Trade Act of 1974. Investors should be prepared for short-term volatility as more developments unfold.”

Panmure Liberum analysts Joachim Klement and Susana Cruz echoed that sentiment, suggesting the tariffs are likely delayed, not scrapped. They anticipate a more measured approach by the Trump administration using legal tools like Section 301 of the Trade Act.

“This reduces the risk of sudden tariff changes, but adds near-term legal uncertainty that could impact US business investment and GDP growth.”

Meanwhile, the UK government is moving quickly to finalize a post-Brexit trade deal with the US. Following the court ruling, Business Secretary Jonathan Reynolds is scheduled to meet US Commerce Secretary Howard Lutnick in Paris next week during the OECD council meeting.

Although Labour leader Keir Starmer had earlier announced a preliminary deal with Trump, no legal text currently exists. UK officials say they remain committed to finalizing the agreement, which is seen as crucial for protecting jobs in the automotive and steel sectors.

“We were the first to secure a deal with the US to safeguard key industries,” said a UK government spokesperson. “We’re working to ensure UK businesses can benefit from the deal as quickly as possible.”

Trade experts caution that while the UK-specific tariffs remain unchanged for now, the broader uncertainty of US trade policy is unsettling markets. David Henig, Director at the European Centre for International Political Economy, said:

“The ruling doesn’t impact UK’s negotiated terms directly, but it adds complexity. Businesses still don’t know what tariffs they’ll face, which undermines planning and confidence.”

The European Union is also navigating its own high-stakes talks with Trump’s administration. The EU had faced threats of sweeping tariffs of up to 50% on exports, prompting a 90-day pause in tit-for-tat measures. EU negotiator Maroš Šefčovič will also meet Lutnick in Paris next week, with a recent Trump–von der Leyen call reportedly opening the door to more structured talks.

Dan Olley Steps Down as Hargreaves Lansdown CEO

In corporate news, Dan Olley is stepping down as CEO of investment broker Hargreaves Lansdown after less than two years in the role. The firm has appointed non-executive director Richard Flint as interim CEO, pending regulatory approval. Olley will remain for a three-month handover and an additional two months in an advisory capacity.

This leadership change follows last year’s £5.4 billion buyout of the company by a private equity consortium.