Despite Court Ruling, Trump Has More Tariff Levers to Pull, Says Goldman Sachs

The bank outlined several legal avenues the White House could take.

President Donald Trump holds a chart next to Secretary of Commerce Howard Lutnick (R) as Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, on April 2, 2025. Carlos Barria/Reuters

A federal court ruling against President Donald Trump’s authority to impose sweeping tariffs might be only a temporary setback for the administration, say Goldman Sachs economists.

The New York-based U.S. Court of International Trade ruled on May 28 that Trump exceeded his authority by tapping the International Emergency Economic Powers Act (IEEPA) to implement levies on other countries.