Priya Misra, Core Plus Bond ETF portfolio manager at JPMorgan, has commented that President Trump's threat to use trade licenses following the Supreme Court's rejection of his global tariffs is reinforcing policy uncertainty in financial markets. Bond investors particularly feel the impact of such unpredictable trade policies.

The Supreme Court recently struck down Trump's global tariff authority, prompting the president to threaten alternative methods of charging foreign countries through trade licenses. This legal and policy back-and-forth creates an unpredictable environment for businesses planning international operations and investments.

Financial markets now face a plateau of uncertainty as they navigate shifting trade policies. Investors must account for potential tariff impacts while waiting for clearer policy direction, which may lead to increased volatility in bond and equity markets until trade policy becomes more predictable.