BIG: 25-state coalition sues Trump administration over new tariffs on imports from 60 trading partners

A lawsuit by 25 US states challenging newly imposed tariffs on imports from 60 trading partners raises uncertainty around the durability and implementation path of US trade policy. The headline risk can alter expectations for growth, inflation, and supply-chain costs, feeding into cross-asset volatility. Near term, markets may reprice policy risk premiums, with the US dollar sensitive to shifts in risk sentiment and inflation assumptions.