Fresh uncertainty over U.S. trade policy has thickened the economic fog, unsettling businesses and investors after the Supreme Court struck down key Trump-era tariffs.
In a 6-3 decision, the Court ruled the emergency law used to impose tariffs did not authorize such measures, voiding most levies enacted last year.
President Donald Trump swiftly proposed a new 10% global tariff, later raising it to 15% for up to five months.
The rapid reversals echo early 2025, when shifting tariff rules disrupted pricing, supply chains, hiring plans, and investment decisions across industries.
European Central Bank President Christine Lagarde warned that stable trade rules are essential, urging U.S. policymakers to ensure measures comply with constitutional limits.
Economists say volatility remains damaging. Frequent changes in rates and country coverage make long-term planning nearly impossible for multinational firms.
While recession fears have eased and AI-driven productivity boosts sentiment, analysts caution that prolonged trade policy uncertainty could weigh on U.S. growth.
Lower short-term tariffs may offer relief, but evolving legal workarounds risk renewed disruption for businesses, investors, and households.
