Asian stocks rallied while the dollar weakened and US futures dipped following the US Supreme Court's nullification of President Trump's reciprocal tariffs, replaced by a proposed 15% global levy. Mahjabeen Zaman, ANZ's Head of FX Research, told Bloomberg's Horizons program that this policy pivot injects significant uncertainty into currency markets. Zaman emphasized the 15% global levy introduces fresh volatility, potentially pressuring the dollar as businesses weigh new compliance costs.

The court's reversal of tariffs, seen as a trade war escalation tool, removes immediate tariff risks but replaces them with a broader, untested tax framework. This shift forces investors to reassess currency exposures amid heightened policy risk. Zaman's analysis underscores how executive actions, even when reversed, create market turbulence that can persist until regulatory clarity emerges.