A federal appeals court ruled most of President Trump's tariffs illegal. However, Treasury Secretary Scott Bessent stated that other legal avenues exist to maintain them, possibly including the Smoot-Hawley Tariff Act, considered historically catastrophic. Markets were closed on Monday, preventing immediate reaction. Futures showed little change, suggesting investors are adopting a wait-and-see approach due to the potential for further legal challenges.

Prepared by Christopher Adams and reviewed by editorial team.