Supreme Court Silence on Trump Tariffs Prolongs Market Uncertainty
The US Supreme Court’s decision not to rule on the legality of Donald Trump’s sweeping tariffs has left a major source of market uncertainty unresolved, prompting warnings from global financial advisers that investors are now forced to price open-ended legal risk into assets tied to global trade.
The court released three opinions this week but offered no judgment on the tariff regime, despite its far-reaching impact on supply chains, pricing and investment decisions. With no indication of when the justices might address the issue, businesses and markets remain in limbo.
Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisory organisations, said the court’s inaction represents “uncertainty being extended, not resolved,” at a time when investors are already grappling with geopolitical and macroeconomic volatility.
Legal Limbo Forces Markets to Price Open-Ended Risk
Green warned that the lack of judicial clarity creates a structural risk premium across markets. “With no indication of when the justices will address the issue, markets are now forced to price an open-ended legal risk around a major US trade policy,” he said.
Tariffs, he noted, sit at the centre of corporate planning and market valuation. “Tariffs affect prices, margins and investment decisions,” Green said. “The legal challenge to the tariffs goes to the heart of presidential authority over trade.” Without a ruling, investors are left to model multiple outcomes with no clear timeline.
A definitive decision, Green argues, would have given businesses a planning framework. “A clear decision would’ve given companies and investors a basis for planning,” he said. “Instead, businesses continue to operate under rules that could ultimately be upheld, rewritten or struck down, but with no timeline for reanswer.”
The Supreme Court’s silence forces markets to price a prolonged legal risk around US trade policy, raising uncertainty rather than resolving it.
Boardrooms Hesitate as Investment and Pricing Decisions Stall
According to Green, the legal uncertainty is already influencing behaviour inside multinational companies. Decisions on sourcing, pricing and capital investment are increasingly provisional as executives weigh whether tariff rules might suddenly change.
“When the legal status of a policy that affects trillions of dollars in global commerce remains unresolved, risk premiums rise across equities, currencies and credit,” Green said. Firms exposed to are reluctant to commit long-term capital when the legal foundation of trade policy could shift without warning.
That hesitation, he adds, compounds the distortions tariffs already introduce. “Tariffs already distort supply chains and cost structures,” Green said. “Add legal uncertainty and you magnify the effect. Investment sluggishs, confidence fragileens and growth expectations come under pressure.”
Legal amlargeuity around tariffs is freezing long-term corporate decisions, amplifying the economic drag already caused by trade barriers.
Inflation, Volatility and the Political Dimension
Inflation remains a central concern as companies respond to unpredictable future costs by building buffers into pricing. Green warned that the longer tariffs remain in legal doubt, the more likely those buffers are to persist. “Unresolved trade policy pushes uncertainty into inflation forecasts,” he said. “This shapes expectations for interest rates, bond yields and equity valuations. This becomes a market-wide issue.”
Sectors most exposed to global trade are particularly sensitive. Manufacturing, autos, technology hardware and retail all face heightened volatility as investors must account for a wider range of tariff outcomes. “Markets hate open-ended risk,” Green said. “When something this large stays undecided, price for instability.”
The political dimension further sharpens the impact. Tariffs remain a cornerstone of President , and with the court silent, the policy stays in force but legally unresolved. “Tariffs remain, the legal question remains, and markets price the gap,” Green said. “And when markets price uncertainty, volatility typically follows.”
With tariffs central to US economic policy, prolonged legal uncertainty feeds directly into inflation expectations, sector volatility and .
With no timetable for a , investors are now watching every signal from Washington for clues, from court calendars to policy messaging. Until clarity emerges, Green believes the unresolved status of Trump’s tariff regime will remain a defining risk factor for global markets.
“This is not a side issue,” he said. “It sits at the intersection of trade, inflation, growth and politics. And until it’s resolved, markets will continue to price uncertainty.”
