Predictably, investors have been doubling down on the recent ‘buy gold, sell dollar’ trade, as markets price in further uncertainty. A question left open by the court ruling is the amount of the c.$130bn in tariffs paid under the act. Once again, Ireland looks to have avoided any significant uplift in tariffs, given the continued zero-rate for chemical and pharmaceutical products. Analysis by Global Trade Alert suggests Ireland’s effective rate will rise minimally, but continue to average about 5%. The ruling now empowers the US Congress to drive the trade agenda, which was never as gung-ho as the president on tariffs.

Source: Irish Examiner February 23, 2026 10:31 UTC