US futures fall while Asian markets are mostly higher after the Supreme Court nixes Trump's tariffs

US Supreme Court struck down most of President Donald Trump's sweeping tariffs on Friday, February 21, 2026, causing US futures to fall while most Asian markets climbed on Monday, February 22, 2026, as traders reacted to the sudden shift in trade policy and Trump's subsequent announcement of alternative tariff measures. In Asian trading, Hong Kong led regional gains with its Hang Seng index surging 2.2% to 27,003.47, while South Korea's Kospi gained 1.1% to 5,873.07 and Taiwan's Taiex jumped 1.4%. However, Shanghai's Composite index lost 1.3% to 4,082.07 and Australia's S&P/ASX 200 shed 0.4% to 9,041.00. Meanwhile, US futures pointed downward, with S&P 500 futures losing 0.7%, Dow Jones Industrial Average futures dropping 0.6%, and Nasdaq composite futures down 0.8%. President Trump responded to the Supreme Court decision by calling it "terrible" and immediately announced plans to use other avenues to impose tariffs on imports. In an afternoon briefing, Trump revealed he would sign an executive order to impose a 10% global tariff under a law that could limit it to 150 days, later raising that figure to 15%. The president also indicated he's exploring additional tariffs through the Commerce Department, which would require investigations. This response has kept markets on edge, with traders attempting to price in the implications of what analysts describe as "a movable feast" of trade policy. Benjamin Picton of Rabobank noted that the mixed market reactions are "highlighting the winners-and-losers effect of shifts in tariff policy that has just delivered a boost to countries who previously had a comparatively bad deal." The broader economic context includes discouraging reports showing slowing US growth and accelerating inflation, which have created a challenging situation for the Federal Reserve. Despite these concerns, traders remain optimistic that the Fed will lower interest rates at least twice this year, according to CME Group data. However, Fed officials have indicated they want to see inflation fall further before supporting additional rate cuts. In other market movements, US benchmark crude oil lost 53 cents to $65.95 per barrel, while Brent crude gave up 51 cents to $70.79 per barrel. The US dollar weakened against the Japanese yen and the euro, while gold prices rose 1.9% and silver gained 5.5%.