A recent decision by the U.S. Supreme Court to overturn Trump-era tariffs was initially welcomed by European businesses as a positive development for transatlantic trade.

However, according to Reuters, the ruling may have created a new layer of uncertainty rather than clarity.

At first glance, removing tariffs suggests:

• 📦 Lower trade barriers
• 💶 Improved EU–US commercial relations
• 📈 Relief for exporters and industrial firms

But in practice, companies now face:

• ⚖️ Legal ambiguity over future trade policy
• 🏛 Political unpredictability ahead of elections
• 🔁 Risk of new executive or legislative responses

In other words, while tariffs may be lifted, policy stability remains fragile.

Global markets are already operating in an environment where:

• 🌍 Geopolitical tensions remain elevated
• 📊 Economic policy shifts are frequent and abrupt
• ⚔️ Trade war rhetoric resurfaces periodically

Indicators tracking economic and geopolitical uncertainty are already near historic highs — and this development may push them even further.

For businesses, volatility is often more damaging than tariffs themselves.

• 💱 FX markets may remain sensitive to trade headlines
• 📉 Export-oriented equities face renewed unpredictability
• 🏭 Supply chains may delay long-term investment decisions

For investors, the key risk is not necessarily higher tariffs — but the return of policy whiplash.

The Supreme Court decision removes one barrier — but reintroduces strategic ambiguity.

In today’s macro landscape, uncertainty is the dominant asset class.

And it may just be getting bigger.