Quite a bit of turmoil has visited not only world stock markets in the fallout of the US supreme court decision ruling many of the duties imposed by Trump to be void and illegal but also on the numerous trade deals that have been negotiated. In many cases, concessions have been made by foreign governments to unpopular with citizens and compromising environmental standards and safety regulation, allowing cheap American goods to flood their markets in order to maintain access and stay in Trump’s good graces with industry paying much tribute and making long term reshoring plans and now many leaders and businesses seem poised to tear up these negotiation.
Some caution however remains, especially for domestic corporations with government contracts who could be punished in other ways for reneging on their end of the inimical bargains or for even asking about refunds (having to sue, the US government could argue that businesses have no standing and did not suffer because of them because they passed off expenses to the consumer, effectively admitting it was a tax all along) and whilst individual nations are better situated to ignore future threats, Trump has not relented on his tariffs but doubled-down across the board, imposing a ten percent flat rate on all imports before raising it the maximum fifteen percent the next day, demonstrating, perhaps speciously as their legality is also in question (for those countries like the UK and Vietnam that fought hard for ten percent, it is a real insult not to have those terms honoured, particularly in comparison to China who offered no concessions and only had to endure punishing rates for a few chaotic months), that he has other tools at his disposal. Members of the GOP, aware of the court’s reserved skepticism for the authority of the president to levy tariffs at a whim for months, had hoped eying the mid-term elections falling at the time these new blanket duties are set to expire might have offered them some political cover in close races deflecting from voters’ overall dissatisfaction with the economy—tariffs failing to deliver on promises with the trade deficit even higher than before and the return of manufacturing a pipe dream—and having an excuse to point to in SCOTUS, offering that Trump had an economic experiment going and wasn’t given enough time to realise the results—but now with Trump’s becoming more entrenched, that narrative, flawed and false as it was, evaporates.