Trump's tariff war continues, after Supreme Court ruling declares his 'reciprocal tariffs' illegal
The decision to impose new tariffs was this Friday, February 20. Photo: Istock
TL;DR
- The US Supreme Court ruled against 'reciprocal tariffs' imposed by the Trump administration, affecting trade with several countries, including Colombia.
- The Colombian Ministry of Trade stated the decision positively impacts Colombian exports by removing a 10% tariff on approximately 29% of exports to the US.
- Economists suggest the Trump administration may use other legal avenues, such as Section 122 of the Trade Act, to re-implement tariffs.
- Experts warn that even if tariffs are reinstated, sector and country-specific implications could differ, creating new trade policy uncertainty.
- The impact on tariffs already paid is uncertain, with potential for lawsuits to recover those payments.