J P M O R G A N Arindam Sandilya (65) 6882-7759 arindam.x.sandilya@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Global FX Strategy 29 May 2025 FX thoughts on the tariff ruling And why the dollar still deserves to lag the retracement in risk markets The ruling by the US Court of International Trade that undoes the IEEPA tariffs (i.e. Liberation Day and Fentanyl-related tariffs) is the latest twist in the Trump policy saga. The decision has been appealed and the situation remains fluid, but macro ...