The Supreme Court may make a ruling on the Trump tax case on Friday. The US Supreme Court has stated on its website that it may release rulings on the debated cases on Friday, January 9th, but will not announce specific cases in advance. The Trump tax case also belongs to the category of the cases that have been debated, so the possibility of the Supreme Court ruling on the tax case on Friday and tomorrow is rising. As we talked on Monday, if the Supreme Court ruled that Trump was illegal, the White House estimated that it would use other congressional bills to implement new tariffs, although it would benefit the enterprises (get tax rebates), but the market might be confused for a short period of time. Perhaps it is also the main reason for the market correction from yesterday to today, as a hedge against uncertainty. Why is there chaos? 1) If the ruling on the tariff case is illegal, it will inevitably result in tax refunds and greater financial pressure on the United States; 2) The concern of Trump in the past 25 years is that according to the 1972 International Emergency Economic State Act, if it is ruled that Trump is illegal, it will not wait to be killed. It may use articles 122, 232 or 301 of the 1974 Trade Law to levy tariffs again, which may lead to more fragmented trade policies, targeting specific industries or countries. At least in the future, the uncertainty of tariff policies will increase again. 3) The current market has actually accepted the existing tariff policy, once there is a change. Tax refunds and new laws imposing tariffs will create uncertainty. And precisely because the market dislikes uncertainty the most, it naturally needs to take risks Although tax refunds benefit businesses and the cancellation of some tariffs benefits consumers, the market will have to endure policy uncertainty for a period of time. On Monday, we talked about whether the market situation at the beginning of the year can evolve into a spring market. The market will first go through several major macro events from mid to late the year, and the Supreme Court's ruling on the tariff issue is one of these major events. Now this test has arrived ahead of schedule.