The shift toward a flat tariff regime following the Supreme Court's ruling will force businesses to re-evaluate their supply chains and investment decisions, creating further uncertainty.

“So when you now have a flat tariff that also changes your supply chain calculations.”

President Trump's determination to maintain a tariff regime despite its unpopularity with voters creates significant political risk for his administration ahead of the midterms.

“It's clear in every poll I've seen that he is deeply underwater on the issue of tariffs. Most Democrats, most independent voters, and a lot of Republican voters oppose his tariffs.”