An unexpected ruling by the U.S. Court of International Trade has become a key factor in determining the behavior of global markets. All three judges - appointed by different administrations - recognized Donald Trump's April tariffs as "contrary to law". The decision dampened expectations of tighter trade policy and lifted stock markets in Asia, Europe and the US. Investors took the verdict as a signal to reduce geopolitical uncertainty. At the same time, the dollar strengthened against defensive currencies, while the yields on Treasury securities rose moderately.