U.S. Commerce Secretary Howard Lutnick downplayed the impact of legal uncertainty around U.S. tariffs on negotiations with the European Union (EU) during an interview on Sunday, saying talks were ongoing.

In terms of the overall impact on Donald Trump's tariff agenda, the consultancy Capital Economics estimates the court ruling would reduce the US's average external tariff this year from 15% to 6.5%. This would still be a considerable increase on the 2.5% level of 2024 and would be the highest since 1970.

President Trump's aggressive tariff strategy has led to a significant rise in federal revenues, but at what cost? While tariffs aim to boost American manufacturing, they also impose a regressive tax burden on consumers,