Partner Ian Hargreaves comments on the US Supreme Court ruling on Trump’s tariffs, in City AM

Commenting in City AM, Partner Ian Hargreaves examines the implications of the US Supreme Court’s ruling striking down President Donald Trump’s tariffs, including the likelihood of alternative legal mechanisms being deployed and the potential for trade-related litigation.

Ian’s comments were published in City AM, 23 February 2026.

“Following the US Supreme Court’s ruling, it is likely that Trump will try to replace the “national emergencies” loophole, which meant he was able to (unlawfully) introduce tariffs without putting it before Congress, with some other loophole to achieve the same end.

“There is the possibility that U.S. SMEs group together to bring a class action against the Government to recover increased import costs caused by higher tariffs. A UK company that lost export business because tariffs made its products too expensive could argue that its losses were directly attributable to the unlawful tariffs. That said, such a claim could be commercially unattractive for any business seeking a future trading relationship with the U.S., particularly if new tariffs are introduced by another mechanism and the claimant Is a high profile company likely to draw attention to it and its business sector.

“I suspect this will give foreign governments a slightly stronger bargaining position should they have non-binding trade deals or no trade deals with the U.S. However, I would not expect a wave of revised agreements with substantially lower tariffs. Donald still holds the trump card in that countries need to do business with the U.S.”