President Donald Trump’s economic agenda took a major hit when the Supreme Court struck down many of his most sweeping tariffs. While Trump has options to restore some of the tariffs, he’s losing his most powerful tool to impose them almost at will as a bargaining chip with other countries.

The U.S. trade deficit slipped modestly in 2025, a year in which President Donald Trump upended global commerce by slapping double digit tariffs on imports from most countries