All risky assets rebounded on this tariff news, expert says

• Treasury Secretary Scott Bessent stated that existing tariffs will remain in place due to other trade act mechanisms, despite the Supreme Court ruling.
• The expert, Adam Kobeissi, noted that the market's initial reaction was a rebound in risky assets, but he expects 'pretty little net impact on tariffs overall'.
• Kobeissi highlighted that tariffs have been 'accepted by the market' and 'largely ignored' recently, with equities near all-time highs, strong earnings, and significant capex spending by 'Mag 7' companies.
• The bond market's minimal reaction (10Y Note Yield up just 1 basis point) suggests it is not 'buying' a significant change, reinforcing the idea that tariffs will remain in some form.
• The expert concludes that the ruling provides more certainty, which is 'bullish for risky assets', despite potential ongoing litigation for refunds.

The discussion centers on the Supreme Court's tariff ruling and its market implications. The expert believes the ruling, while initially causing risky assets to rebound due to reduced uncertainty, will have little net impact on overall tariffs. He maintains a bullish outlook for equities, citing strong earnings and the AI revolution.