By Mike Dolan

LONDON (Reuters) - What matters in U.S. and global markets today

By Mike Dolan, Editor-At-Large, Financial Industry and Financial Markets

This week's U.S. tariff whiplash has left financial markets dazed, as anxiety about foreign capital taxes and fresh rate cut hopes add to the confusion. June promises to be a tense month in an already turbulent year.

It's Friday, so today I'll provide a quick overview of what's happening in global markets and then offer you some weekend reading suggestions away from the headlines.

Today's Market Minute

* A federal appeals court temporarily reinstated the most sweeping of President Donald Trump's tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them.

* The Trump administration's trade war has cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis of corporate disclosures.

* The safety of Germany's gold reserves held overseas and in New York in particular, until recently mainly a talking point for the country's far-right party and gold bugs, is becoming a matter of public debate with Donald Trump back in the White House.

* While we may not see a full-blown debt crisis in the U.S., there's a growing sense that "the fiscal" matters for markets more now than it has for decades. Reuters columnist Jamie McGeever explores the assumptions baked into the current U.S. debt and deficit projections.

* Reuters columnist Gavin Maguire explains why developers and exporters of natural gas should be alarmed by the decline in thermal coal exports coming out of Indonesia.

Tariffs return along with capital tax fears

A federal appeals court temporarily reinstated the most sweeping of Donald Trump's import tariffs late on Thursday.

Allowing the stay while the case progresses, the court ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. Trump has promised to take the matter all the way to the Supreme Court.

Thursday's rally in stocks and the dollar faded quickly, with many investors convinced the administration would seek other routes to impose the levies even if it loses its case.

The whole episode raises as many questions as answers, not least regarding when tariffs will be imposed and which ones will eventually come to pass. This heightens business uncertainty as much as it offers any marginal relief.

Countries in bilateral trade talks may be emboldened to avoid making concessions until there is more clarity around the legal issue, meaning we could see a shortening of the already narrow six-week negotiating period left before July 9's re-imposition of "reciprocal tariffs".