The decision of the Supreme Court of the United States to cancel much of the tariffs imposed by US President Donald Trump is causing turbulence in international markets, with European companies warning that this development could lead to a new cycle of uncertainty.
The Court ruled on Friday that a significant part of the tariffs imposed after Trump's return to the White House was illegal, hitting a key axis of his economic policy. The decision cancels the so-called "reciprocal" tariffs that had been imposed on almost all imported products into the US. However, tariffs targeting specific sectors, such as automotive, steel, aluminium and pharmaceuticals, are not affected.
Despite the judicial development, trade groups and analysts in Europe express reservations about the repercussions. Paolo Castelletti, secretary general of the Italian wine producers' association UIV, said the decision "risks backfiring," causing further uncertainty and freezing orders until a clearer regulatory framework is in place.
The United States is the largest market for Italian wine, with exports of about €1.9 billion in 2024, accounting for nearly a quarter of Italy's total global shipments.
Businesses estimate that Trump may seek alternative legal avenues to impose similar measures, limiting the benefit of the tariff repeal and potentially rekindling tensions with key U.S. trading partners. The question of possible refunds of amounts collected from customs duties remains unclear. Trump himself said it was unclear whether there would be compensation, noting that "the outcome will be that we will be in court for the next five years."
At the same time, it announced the imposition of new global tariffs of 10% for an initial period of 150 days.
Steve Ovara, president of the International Trade Practice Group at law firm King & Spalding, said the firms he advises — from major U.S. manufacturers to consumer and technology conglomerates — expect any relief to be temporary. As he noted, the main issue in the short term will be "some additional uncertainty".
Wolfgang Grosse Endrup, CEO of the German association of chemical and pharmaceutical companies VCI, which represents companies such as BASF, Bayer and Evonik, expressed a similar position. He said the decision does not signal a return to stability, but "a new round of uncertainty", warning that new tariffs with a different legal basis remain a possibility.
In the transportation sector, Peter Sand of freight pricing platform Xeneta indicated that political risk remains elevated, with businesses pursuing permanent risk-reduction strategies in supply chains. As he noted, the damage to many supply chains has already occurred and may not be repaired.
French cosmetics association FEBEA, whose members include companies such as L'Oréal, said it was "very cautious" about the implications of the decision, stressing that it would closely monitor the next moves of the US government.
On the agricultural production side, Massimiliano Giansanti of Confagricoltura said that although the decision abolishes the legal basis of tariffs, it creates additional complexity for exporters in a period of adaptation to US measures.
In Ireland, O'Cuttan of the Irish Whiskey Association noted that whiskey exporters are waiting for the next developments, estimating that political negotiations and de-escalation may be a more effective way to deal with tariff tensions. As he said, the court decision "is not a magic solution" but another development in an already complex trade dispute.
