In a significant escalation of trade tensions, President Donald Trump has announced a new 15% global tariff on imports, effective immediately, following a U.S. Supreme Court ruling that invalidated many of his previous tariffs imposed under emergency powers. This decision has led to a dip in the dollar, as traders view the Supreme Court's ruling as supportive for global growth. The dollar fell 0.4% to 154.42 yen, reflecting market uncertainty and the potential negative implications for U.S. revenues. However, Hong Kong stocks have rebounded sharply, with the Hang Seng Index advancing 2.3% to 27,019.21, driven by optimism that China will benefit from lower tariffs, as the Supreme Court ruling is expected to reduce China's tariff rate from 32% to 24% (Business Recorder, February 23, 2026).