New era of trade volatility: What the court’s decision and Trump’s tariff pivot mean for commodities
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The recent U.S. Supreme Court ruling striking down President Donald Trump’s broad tariff measures has reshaped the global trade landscape, bringing both clarity and fresh uncertainty. The U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not give authority to the president to impose sweeping import tariffs, effectively blocking one of Trump’s key trade tools. However, within a day of the verdict, Trump signalled that he would continue pursuing new tariffs. He invoked a temporary global tariff—first 10%, then raised to 15%, the maximum allowed under the US trade law. Global response The Supreme Court’s decision to strike down Trump’s earlier tariff framework prompted varied global reactions. The European Commission immediately rejected any increase in tariffs and said that existing agreements must be honoured. India postponed a planned trade visit to Washington to reassess the implications of the ru...