The recent US Supreme Court decision on tariffs has shifted the landscape for investors, replacing a patchwork of country-specific measures with a temporary universal tariff. What does this mean for markets overall, different countries and sectors, the US dollar and fixed income?

In this episode of Julius Baer’s Moving Markets – The View Beyond podcast, Helen Freer is joined by Christian Gattiker, Head of Research, to discuss the implications of the Supreme Court’s ruling against the tariffs implemented under the International Emergency Economic Powers Act last year. The conversation covers the short-term reduction in uncertainty, the winners and losers among countries and sectors, the impact on corporate earnings, and the unresolved question of tariff refunds. Christian Gattiker also shares insights on the muted reaction of the US dollar, the outlook for fixed income, and the key takeaways for investors as US trade policy enters a new phase.

(00:00) - Introduction
(00:42) - What the decision means for investors in the short term
(01:28) - The temporary universal tariff
(02:06) - Winners and losers by country and sector
(03:32) - Ongoing uncertainty and the medium-term outlook
(04:12) - Will there be an impact on corporate earnings?
(04:47) - The unresolved issue of tariff refunds
(05:31) - The US dollar reaction and outlook
(06:22) - Fixed income perspective: uncertainty, fiscal effects, and inflation
(07:32) - Key takeaways
(07:59) - Closing remarks and legal disclaimer

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