Investors briefly hoped the trade tensions were easing, but the calm did not last. Despite the court’s move against earlier tariffs, political risk has quickly returned to the spotlight. Fresh signals from Donald Trump have reignited uncertainty across global equities. Volatility is once again creeping into sectors that only days ago seemed stable. Markets now face a renewed policy overhang.

Global financial markets entered the last few weeks expecting a gradual calming of trade relations. After the legal disputes over the tariffs introduced last year, it seemed that the biggest source of political volatility might temporarily subside. Thus, the Supreme Court decision, which challenged part of Trump's tariff policy, was initially interpreted by markets as the potential start of de-escalation.

However, these expectations proved premature. Donald Trump signalled almost immediately that he intended to continue the trade pressure and very quickly proposed new measures. At the same time, his…