S&P Global: U.S. Supreme Court’s tariff ruling doesn’t resolve policy risk

This report does not constitute a rating action.

S&P Global Ratings said the U.S. Supreme Court’s decision to strike down the sweeping tariffs President Trump implemented through his use of certain emergency powers doesn't end the uncertainty about the ultimate contour of tariffs, as the administration pivots to other options (see “Credit Conditions Special Update: Policy Risk Remains After U.S. Tariff Ruling”).

We don’t expect the ruling to have a substantial impact on our ratings outlook. Broader policy uncertainty still represents a key risk to the global credit outlook and a potential trigger for market volatility.

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