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Trade wars

Opinion

Stephen Bartholomeusz Senior business columnist Updated November 4, 2025 — 12.25pm first published at 12.06pm

The judgment day for most of Donald Trump’s tariffs looms this week , with the US Supreme Court set to hear an appeal against a lower court’s ruling that they are illegal.

Should the Supreme Court rule against his administration’s reciprocal and baseline tariffs, the “Liberation Day” import levies of between 10 per cent and 50 per cent against all the countries the US trades with – and perhaps the trade and investment deals that have been struck using them as leverage – would have to be withdrawn, and the $US90 billion ($137 billion) or so in revenue the tariffs have generated so far might have to get refunded.

Trump could

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