While U.S. officials and judges scramble among themselves to assert authority, global investors have maintained the same view all year: There is too much uncertainty to buy American stocks. Data tells the story. U.S. markets have lagged those of every major country in 2025, barely eking out a positive gain on the year.

Trump can still keep his trade war going and send market volatility soaring even if his agenda hits legal roadblocks, market experts said.

This article will be updated throughout the day, so check back often for more daily updates. The Vanguard S&P 500 ETF (NYSEMKT: VOO) closed up 0.4% on Thursday, spurred higher by reports that the court action might force President Trump to short-circuit his use of executive orders to impose higher tariffs around the world.

Two months after Donald Trump first announced his tariffs plan, the stock market has moved on. Apple, however, remains in the red.

President Trump said he was doubling the tariff on imported steel, saying Friday that the move would add more protection to the domestic steel industry. “We’re bringing it up from 25%, we’re doubling it to 50%,

Just as investors thought they could take a break from tariff scares, President Trump’s threats of new levies against the EU and Apple threw trade tensions back into focus ahead of a long holiday weekend.

The US Court of International Trade ruled unanimously that President Trump overstepped his power and declared the majority of his tariff hikes to be invalid.