The US Supreme Court’s decision to abstain from ruling on the legality of former President Donald Trump’s tariffs has prolonged market uncertainty, according to Nigel Green, CEO of deVere Group. The court released several opinions on Wednesday but made no judgment on the tariff regime, leaving investors without clarity on a policy that has significantly altered supply chains and pricing. deVere Group is one of the world’s largest independent financial advisory organisations. The company provides wealth management solutions to international investors and clients.
“With no indication of when the justices will address the issue, markets are now forced to price an open-ended legal risk around a major US trade policy,” Green stated. He emphasised that the legal challenge goes to the heart of presidential authority over trade and that a clear decision would have provided companies and investors with a basis for planning. Instead, businesses continue to operate under rules that could be upheld, rewritten, or struck down, with no timeline for resolution.
According to Green, this legal limbo has immediate implications for market behaviour, raising risk premiums across equities, currencies, and credit. Multinational companies are already feeling the impact, with decisions on sourcing, pricing, and capital investment remaining provisional. Firms are hesitant to commit long-term resources when the legal foundation of trade policy could shift suddenly. Sectors most exposed to global trade, such as manufacturing, autos, technology hardware, and retail, face heightened sensitivity to tariff outcomes.
“Markets hate open-ended risk,” Green concluded. “When something this big stays undecided, traders and portfolio managers price for instability.” He noted that the tariffs remain a cornerstone of the former president’s economic strategy, and with the court silent, the policy stays in force but legally unresolved, leaving investors uncertain about its durability and direction. The unresolved status of Trump’s tariff regime remains a defining risk factor for global markets.
