Scott Bessent, US treasury secretary, in the Oval Office of the White House in Washington, DC, US, on Wednesday, Aug. 6, 2025.
Bonnie Cash | Bloomberg | Getty Images
Even if the U.S. Supreme Court agrees with a federal appeals court’s ruling that most of President Donald Trump’s tariffs are illegal, it doesn’t mean the case is closed on those levies.
U.S. Treasury Secretary Scott Bessent reportedly told Reuters on Monday that there are “other authorities that can be used” to uphold the tariffs. One of them could be the Smoot-Hawley Tariff Act, Bessent said.
(A curious side note: Smoot-Hawley is described by an article on the U.S. Senate website as “among the most catastrophic acts in congressional history.”)
Since markets in the U.S. were closed for the Labor Day holiday on Monday, they didn’t have a chance to respond to both Bessent’s comment and the court’s ruling, which was announced after the bell on Friday.
For now, futures tied to U.S. stocks were little changed Monday night stateside. Investors could have gotten used to the volatile nature of Trump tariffs and are taking a wait-and-see approach.
No point, after all, to prepare for an outcome that might lead to the start of another legal battle. It’s never over till it’s over — it’s just another day in Trump’s America.
What you need to know today
Bessent expects the Supreme Court to uphold Trump tariffs. And if they are struck down by the court, “there are lots of other authorities that can be used,” U.S. Treasury Secretary Scott Bessent said on Monday, Reuters reported.
Oil giant Equinor backs crisis-stricken Orsted. In an apparent show of confidence in the world’s largest offshore wind developer, Norwegian oil giant Equinor pledged almost $1 billion of fresh capital to participate in Orsted’s rights issue.
Novo Nordisk edges out rivals in drug trial. Users of the Danish pharma giant’s weight loss drug Wegovy showed a bigger reduction in the risk of heart attack compared with people on Eli Lilly’s Tirzepatide. Shares of Novo Nordisk rose 1.76% on the news.
Europe’s Stoxx Aerospace and Defense index pops. The index rose 2.2% on Monday, outperforming the Stoxx Europe 600’s 0.23% rise, after Norway placed a £10 billion ($13.5 billion) order for British-made warships. U.S. markets were closed for Labor Day.
[PRO] A Chinese property stock defying the slump. The company has “already returned more capital than they ever raised from capital markets,” wrote Barclays — and its stock has an implied upside of over 40% from the bank’s price target.
And finally…
TIANJIN, CHINA – SEPTEMBER 01: Indian Prime Minister Narendra Modi talks with Russian President Vladimir Putin(L) and Chinese President Xi jinping ahead of the Shanghai Cooperation Organization (SCO) Summit 2025 at the Meijiang Convention and Exhibition Centre on September 1, 2025 in Tianjin, China. (Photo by Suo Takekuma – Pool/Getty Images)
Pool | Getty Images News | Getty Images
Behind the Beijing smiles with Putin, Modi and Xi
A widely shared clip of Chinese President Xi Jinping, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin laughing together in Beijing has already gone viral.
On the surface, it appears to be an easy exchange between three leaders. But analysts say it reflects a delicate mix of competing rivalries and shifting power dynamics.
— Spriha Srivastava