Significant questions remain about what US import tax policies will look like going forward.
Last April, Trump announced “Liberation Day” tariffs on dozens of countries, with rates starting at 10% and climbing toward 50% in some cases.
The duties kicked off a flurry of trade negotiations as countries pushed to secure lower rates in exchange for promises of investment and other changes.
The US Supreme Court’s judgement struck down those “Liberation Day” tariffs, as well as some the administration had previously announced on goods from Mexico, Canada and China, citing emergency powers.
Trump responded by announcing a 10% global tariff, which he claimed on social media the next day he was increasing to 15%. However, the levy eventually came into force at the lower rate.
The move to an across-the-board tariff of 10%, with carve-outs for some kinds of goods, put shipments from all countries on an even footing.
It raised questions about the fate of the deals allies had secured after “Liberation Day”, while removing the advantage that some countries such as the UK had agreed to in those deals.