Scott Bessent, US treasury secretary, within the Oval Office of the White House in Washington, DC, US, on Wednesday, Aug. 6, 2025.
Bonnie Cash | Bloomberg | Getty Images
Even if the U.S. Supreme Court agrees with a federal appeals court docket’s ruling that most of President Donald Trump’s tariffs are illegal, it does not imply the case is closed on these levies.
U.S. Treasury Secretary Scott Bessent reportedly told Reuters on Monday that there are “other authorities that can be used” to uphold the tariffs. One of them could possibly be the Smoot-Hawley Tariff Act, Bessent stated.
(A curious aspect notice: Smoot-Hawley is described by an article on the U.S. Senate website as “among the most catastrophic acts in congressional history.”)
Since markets within the U.S. have been closed for the Labor Day vacation on Monday, they did not have an opportunity to reply to each Bessent’s remark and the court docket’s ruling, which was introduced after the bell on Friday.
For now, futures tied to U.S. shares have been little changed Monday night stateside. Investors might have gotten used to the unstable nature of Trump tariffs and are taking a wait-and-see strategy.
No level, in any case, to organize for an consequence which may result in the beginning of one other authorized battle. It’s by no means over until it is over — it is simply one other day in Trump’s America.
What that you must know immediately
Bessent expects the Supreme Court to uphold Trump tariffs. And if they’re struck down by the court docket, “there are many other authorities that can be used,” U.S. Treasury Secretary Scott Bessent stated on Monday, Reuters reported.
Oil large Equinor backs crisis-stricken Orsted. In an obvious present of confidence on the planet’s largest offshore wind developer, Norwegian oil large Equinor pledged almost $1 billion of fresh capital to take part in Orsted’s rights concern.
Novo Nordisk edges out rivals in drug trial. Users of the Danish pharma large’s weight reduction drug Wegovy confirmed a bigger reduction in the risk of heart attack in contrast with folks on Eli Lilly’s Tirzepatide. Shares of Novo Nordisk rose 1.76% on the information.
Europe’s Stoxx Aerospace and Defense index pops. The index rose 2.2% on Monday, outperforming the Stoxx Europe 600’s 0.23% rise, after Norway positioned a £10 billion ($13.5 billion) order for British-made warships. U.S. markets have been closed for Labor Day.
[PRO] A Chinese property inventory defying the droop. The firm has “already returned more capital than they ever raised from capital markets,” wrote Barclays — and its inventory has an implied upside of over 40% from the financial institution’s value goal.
And lastly…
TIANJIN, CHINA – SEPTEMBER 01: Indian Prime Minister Narendra Modi talks with Russian President Vladimir Putin(L) and Chinese President Xi jinping forward of the Shanghai Cooperation Organization (SCO) Summit 2025 on the Meijiang Convention and Exhibition Centre on September 1, 2025 in Tianjin, China. (Photo by Suo Takekuma – Pool/Getty Images)
Pool | Getty Images News | Getty Images
Behind the Beijing smiles with Putin, Modi and Xi
A extensively shared clip of Chinese President Xi Jinping, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin laughing collectively in Beijing has already gone viral.
On the floor, it seems to be a straightforward trade between three leaders. But analysts say it displays a fragile mixture of competing rivalries and shifting energy dynamics.
— Spriha Srivastava