Trump’s tariffs are a key plank of his economic policy which he has said will encourage businesses to invest and produce goods in the US rather than overseas.

Drew Greenblatt, owner of Marlin Steel Wire Products, a steel fabrication plant in Baltimore, said he was “very disappointed” by the Supreme Court’s decision.

“It is a setback for poor people in America that had a chance to climb into the middle class with great manufacturing jobs,” he told the BBC.

But John Boyd, a soybean farmer from Virginia and founder of the National Black Farmers Association, said: “This is a huge win for me and a big loss for the president.

“I don’t care how you look at it, President Trump lost on this.”

Yet Allie Renison, a former UK government trade adviser and director at SEC Newgate, said: “While it may seem like a good day for free trade, I think trade actually just got a lot messier.”

She said that businesses are now facing “much more of a patchwork approach” to tariffs under the Trump administration.

It means that US businesses will have to pay a 15% tariff to import most goods into America under Section 122 of the Trade Act of 1974.

But some products will be exempted such as critical minerals, metals and pharmaceuticals.

Meanwhile, separate tariffs on steel, aluminium, lumber and auto-motives – introduced using a different US law – remain in place, untouched by the Supreme Court’s ruling.

The US has already collected at least $130bn in tariffs using the IEEPA law, according to the most recent government data, external.

Companies and trade groups have said that they will pursue refunds from the government.

On Friday, Trump indicated that reimbursements would not come without a legal battle which, he claimed, could take years.

But Neil Bradley, chief policy officer at the US Chamber of Commerce, said: “Swift refunds of the impermissible tariffs will be meaningful for the more than 200,000 small business importers in this country and will help support stronger economic growth this year.”

While the National Retail Federation, which represents millions of American businesses, urged the courts “to ensure a seamless process to refund the tariffs to US importers”.

It said: “The refunds will serve as an economic boost and allow companies to reinvest in their operations, their employees and their customers.”