Stocks rally after tax ruling

ASIAN stocks mostly rose while the dollar fell yesterday after the US Supreme Court struck down a large part of President Donald Trump’ tariffs policy that had sent shockwaves through the global economy last year.

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THE 4-foot bronze Fearless Girl statue which stands directly opposite the New York Stock Exchange (NYSE) on Wall Street.

(AFP)

The rally was led by tech firms, which have been at the forefront of regional gains this year as traders turn away from Wall Street to seek out cheaper investments amid concerns about extended valuations.

Trump's trade agenda was dealt a hefty blow last week when the country’s top court ruled that the International Emergency Economic Powers Act used by the White House to impose sweeping levies in April “does not authorise the president to impose tariffs”.

A furious president immediately vowed to impose a global tariff of 10% under a separate authority, before raising it to 15% at the weekend. However, the measures have numerous carve-outs and are only legally allowed to remain in place for 150 days.

The development fanned a fresh round of uncertainty, with calls growing for the government to repay cash taken under the scheme and analysts warning officials would likely pursue other ways of imposing his tolls.