U.S. trading partners cheer Supreme Court tariff ruling — but businesses must still navigate ‘murky waters’


World leaders during the G7 Leaders’ Summit in Kananaskis, in Alberta, Canada, June 17, 2025.

Amber Bracken |Reuters

U.S. trading partners offered a cautious welcome to the U.S. Supreme Court’s decision Friday to strike down large parts of President Donald Trump’s flagship trade policy on global tariffs — but global trade bodies warned of lingering uncertainty surrounding import levies.

The law that undergirds the import duties “does not authorize the President to impose tariffs,” the majority ruled six to three in the long-awaited Supreme Court decision.

Hours after the ruling, Trump said he signed an executive order imposing a new 10% “global tariff”. The “Section 122” tariffs will take effect “almost immediately,” Trump said. At a White House press briefing Friday afternoon, Trump railed against the “deeply disappointing” 6-3 ruling.

Trump’s tariff regime impacted a swathe of countries from the U.K. to India and the European Union. Some governments, like Vietnam and Brazil are still in negotiations.

Taiwan, home to the the world’s leading contract chipmaker and producer of the most advanced semiconductors, said the 10% flat tariff rate would, according to an initial assessment, have a “limited impact” on its economy.

The island will continue to “closely monitor” developments and maintain close communication with the U.S. to understand the specific measures and respond in a timely manner, the Taiwanese cabinet said in a statement on Saturday.

French President Emmanuel Macron reportedly said the Supreme Court’s ruling proved the benefit of having an effective counterweight to power.

“It is not bad to have a Supreme Court and, therefore, the rule of law,” Reuters quoted him as saying at an event in Paris on Saturday.

A U.K. government spokesperson said the country would continue to work with the White House administration to understand how the ruling will affect tariffs for the U.K. and the rest of the world

“This is a matter for the U.S. to determine but we will continue to support U.K. businesses as further details are announced,” the spokesperson said.

“The U.K. enjoys the lowest reciprocal tariffs globally, and under any scenario we expect our privileged trading position with the U.S. to continue.” The U.K. agreed a wide-ranging trade deal with the U.S. in May last year, which imposed a broad 10% levy on many goods, but also included certain carve-outs on steel, aluminum, cars and pharmaceuticals.

The Supreme Court case focused mainly on reciprocal tariffs, and the ruling leaves much of the U.K.’s trade deal with the U.S. — including preferential sectoral tariffs on steel, pharmaceuticals and autos — unaffected.

However, the British Chambers of Commerce (BCC) trade body said the U.S. Supreme Court decision adds to the ongoing uncertainty around levies.

U.S. trading partners cheer Supreme Court tariff ruling — but businesses must still navigate ‘murky waters’

William Bain, head of trade policy at the BCC, said the move “does little to clear the murky waters” for British businesses, warning that the President still has “other options at his disposal” to retain his current regime on steel and aluminum tariffs.  

“The court’s decision also raises questions on how U.S. importers can reclaim levies already paid and whether U.K. exporters can also receive a share of any rebate depending on commercial trading terms,” Bain said in a statement. “For the U.K., the priority remains bringing tariffs down wherever possible.”

Olof Gill, European Commission spokesperson for trade and economic security, said businesses on both sides of the Atlantic depend on “stability and predictability.”

“We remain in close contact with the U.S. Administration as we seek clarity on the steps they intend to take in response to this ruling,” Gill said. “We therefore continue to advocate for low tariffs and to work towards reducing them.”

Meanwhile, Dominic LeBlanc, Canada’s minister for U.S.-Canadian trade relations, said the decision “reinforces Canada’s position that the IEEPA tariffs imposed by the United States are unjustified.”

No trade ‘win’ yet

Elsewhere, Swissmem, Switzerland’s technology industry association, welcomed the ruling — but warned that the Trump administration could invoke other laws to “legitimize tariffs,” and called on Swiss policymakers to strengthen the competitiveness of the country with new free trade agreements.

“From the perspective of the Swiss export industry, this is a good decision. The high tariffs have severely damaged the tech industry. However, today’s ruling doesn’t win anything yet,” Swissmem said.

“The high tariffs have severely damaged the tech industry,” Swissmem wrote on X. “The crucial thing now is to quickly secure relations with the U.S. through a binding trade agreement.”

The International Chamber of Commerce noted that many businesses will welcome the ruling given the “significant strain” that has been placed on balance sheets in recent months.

“But companies should not expect a simple process: the structure of U.S. import procedures means claims are likely to be administratively complex. Today’s ruling is worrying silent on this issue and clear guidance from the Court of International Trade and the relevant U.S. authorities will be essential to minimise avoidable costs and prevent litigation risks,” the ICC said.

— CNBC’s Jackson Peck and Greg Kennedy helped contribute to this story.


Airbus targets 870 deliveries this year, below estimates as Boeing competition tightens


These specially configured A350-1000ULRs are expected to enable the world’s longest commercial flights.

Qantas

Airbus said Thursday it expects to deliver 870 commercial aircraft in 2026, slightly fewer than the roughly 880 analysts had expected. It comes as pressure is building for the European planemaker, with U.S. rival Boeing showing signs of recovery after years of crisis, which has benefited Airbus.

The sentiment around Airbus has turned markedly more sour since the beginning of the year, UBS analyst Ian Douglas-Pennant said ahead of the full-year report published early Thursday.

“Whilst we recognise the drivers of the sentiment shift, and now model 880 aircraft deliveries in 2026 against 905 previously, we also now see risks skewed to the upside at Q4 results,” Douglas-Pennant said.

Airbus delivered 793 commercial aircraft last year, slightly beating its revised target of 790. The company had cut its earlier goal of 820, citing supplier quality issues involving fuselage panels that affected deliveries of its A320 family.

Barclays analysts described the disruption as a “temporary execution setback” and said the “long-term ramp” remained “intact.”

Airbus has enjoyed a strong momentum over the past few years as rival Boeing has been battling a crisis over design and production issues for its best-selling narrowbody plane, the 737 Max. 

Boeing is showing signs of recovery

Deliveries are a closely watched metric as planemakers receive the bulk of the payment for an aircraft when it’s handed over to the customer. 

Airbus delivered 193 more planes than Boeing in 2025 but Boeing received more orders for the first time since 2018.

That, along with Airbus’ recent quality issues, has led some to see the tide changing for Boeing under the leadership of CEO Kelly Ortberg.

How Boeing turned things around after years of decline

Ortberg, who took the top job in 2024 to lead it out of crisis, was positive about his company’s ability to ramp up production in the near term, after it reported fourth-quarter revenue ahead of Wall Street’s expectations in late January.

Airbus and Boeing’s order backlogs have spiked in recent years due to supply chain issues that arose during the Covid-19 pandemic. 

Boeing also secured more deliveries and net orders in the first month of 2026 than Airbus. 

Boeing delivered 46 aircraft in January and booked 103 net orders, while Airbus reported only 19 deliveries and 49 net orders over the same period.

Airbus’ January number was notably soft, even accounting for the fact that its deliveries are typically lower at the start of the year.

“While January deliveries in any given year is not historically a good indicator of production rates for the year, we view 19 deliveries in Jan-26 as materially weaker than expected vs 25 delivered in Jan-25,” said UBS in a note to clients last week.

“Due to the typically low levels YTD, we can’t deduce much from this trend other than that the expected 2026 delivery profile is likely to be back-end-loaded again,” noted Barclays analysts. 

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Boeing shares have outperformed Airbus over the past 12 months.

Airbus reported early Thursday adjusted earnings before interest and tax (EBIT) of 2.98 billion euros in the fourth quarter, beating estimates of 2.87 billion from a company-provided consensus poll. Revenues totaled 25.98 billion euros, slightly below the 26.5 billion euros expected.

For the full year, EBIT totaled 7.13 billion euros, on revenue of 73.4 billion euros.

Looking ahead, Airbus said it expects adjusted EBIT of around 7.5 billion euros and free cash flow before customer financing of about 4.5 billion euros in 2026, alongside its target of around 870 commercial aircraft deliveries.

— CNBC’s Lee Ying Shan contributed to this report.