Trump tariffs ripped up global trade order. What now?

AI Summary
A Supreme Court ruling limits President Trump's ability to impose reciprocal and country-specific tariffs, challenging his trade strategy. While this invalidates some tariffs implemented since last year, the average tariff rate on goods entering the U.S. remains elevated, around three times higher than in early 2025, due to tariffs imposed under other legal justifications. The ruling will not impact the majority of trade under the UK's deal with the US including the sectoral tariffs on steel, pharmaceuticals and autos. Importers have adapted by shifting supply chains or absorbing costs, muting the impact on U.S. inflation. Despite the ruling, President Trump aims to find alternative legal avenues to reimpose similar tariffs, though these routes are more complex and time-consuming. The US collected $240 billion in tariff revenues last year.
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