0511 GMT - A court ruling blocking the majority of tariffs imposed by the Trump administration is a setback for its trade policy, but might not change the final outcome for most major U.S. trading partners, Goldman Sachs economists say. The ruling blocks 6.7 ppt of tariff increases--including on Canada, China, Mexico, and the 10% baseline tariff--but not sectoral tariffs on steel, aluminum and auto imports, GS says. The administration also has other authorities it can use to set tariffs similar to those the court struck down. As it's unlikely that the administration can win an appeal in the 10 days it has under the order to remove the tariffs, GS expects the White House to announce a similar across-the-board tariff using a provision in the Trade Act. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
May 29, 2025 01:12 ET (05:12 GMT)
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