Goldman Sachs analysts say a court ruling seeking to block the “Liberation Day” tariffs is only a temporary setback to Trump's trade agenda, and can be made up for through other taxes. The bank's economists wrote in a report to clients on Thursday that the US International Trade Court ruled to stop the 6.7 percentage point tariff this year, and the White House can use other tariff tools to offset the relevant impact. “This ruling is a setback to the government's tariff plan and increases uncertainty, but it probably won't change the end results faced by most major US trading partners,” wrote Alec Phillips, chief US political economist at Goldman Sachs. “Right now, we expect the Trump administration to find other ways to levy tariffs.” Alternatives include using section 232 to levy duties on steel, aluminum, and automobile imports on national security grounds. According to the report, if all pending investigations result in a 25% tariff and added to the existing tax in accordance with this provision, then this alone would increase the tariff rate by 7.6 percentage points.

Goldman Sachs analysts say a court ruling seeking to block the “Liberation Day” tariffs is only a temporary setback to Trump's trade agenda, and can be made up for through other taxes. The bank's economists wrote in a report to clients on Thursday that the US International Trade Court ruled to stop the 6.7 percentage point tariff this year, and the White House can use other tariff tools to offset the relevant impact. “This ruling is a setback to the government's tariff plan and increases uncertainty, but it probably won't change the end results faced by most major US trading partners,” wrote Alec Phillips, chief US political economist at Goldman Sachs. “Right now, we expect the Trump administration to find other ways to levy tariffs.” Alternatives include using section 232 to levy duties on steel, aluminum, and automobile imports on national security grounds. According to the report, if all pending investigations result in a 25% tariff and added to the existing tax in accordance with this provision, then this alone would increase the tariff rate by 7.6 percentage points.