Legal disputes over Trump's tariffs heighten investor anxiety and put pressure on dollar

The uncertainty around Donald Trump's import tariffs keeps weighing on the markets. First and foremost, investor concerns are negatively impacting the dollar. At the end of yesterday's trading session, the US currency slumped again after the president's appeal was approved and the tariffs were resumed, Reuters reports.

Legal disputes over the import duties proposed by the American president will continue until at least June 9, in accordance with the briefing schedule set by the court. The Trump administration remains optimistic about the outcome. However, even if the ban is extended, the authorities have a backup plan that involves invoking other presidential powers to ensure that the tariffs take effect.

According to Kyle Rodda, senior financial markets analyst at Capital.com, the situation in global trade is getting more uncertain. The court case about whether Trump's import tariffs are legit would increase investor interest into diversifying their assets.

Markets are also focusing on US inflation data. According to a Reuters poll, the April Personal Consumption Expenditures (PCE) price index is likely to come in at 2.2% after 2.3% in March.