COMMENT | If anyone assumes that the United States Supreme Court’s decision striking down President Donald Trump’s earlier tariffs would calm global economic anxiety, the opposite is closer to reality.

The ruling did not close the door on tariffs. It merely shifted the legal route through which they can be imposed, leaving markets facing a different but equally unpredictable environment.

The court rejected the use of the International Emergency Economic Powers Act as a blanket justification for global tariffs. Yet legal authority did not disappear.

Trump moved quickly to rely on Section 122 of the Trade Act of 1974, which allows temporary tariffs of up to 15 percent for 150 days without congressional approval. From a market perspective, tariff risk has not ended. It has simply changed form.

For businesses and trading partners, uncertainty is the real cost. Countries such as the United Kingdom and Australia had negotiated with expectations anchored around a 10 percent tariff environment. They now face the possibility of...