Feb. 22 at 11:38 PM
PickAlpha Weekend:
U.S. Trade Rep Jamieson Greer said existing trade deals with partners (including the EU, Japan, South Korea, and China) remain in place despite the Supreme Court tariff ruling, and are separate from Trump’s new 15% global baseline tariff. But allies are already showing friction: the European Parliament’s trade chief is discussing freezing EU ratification until Washington clarifies policy, and India is reportedly postponing talks this week amid uncertainty; Greer also said the ruling shouldn’t derail Trump’s planned March 31 trip/meeting with Xi. 
Tickers:
$SPY $UUP $EEM
Our view is this is a credibility gap: “deals stand” is meaningless until partners see enforceable timelines and scope. If the White House provides clear carve-outs and sticks to signed terms, the trade-risk premium fades (USD softens, EM breathes); if policy stays improv-driven and ratifications freeze, you’re back to uncertainty shocks — and markets will treat every headline as a macro event.
