Business
UK expects ‘privileged’ trade with US to continue despite tariffs ruling
Ministers expect the UK’s “privileged trading position with the US” to continue after Donald Trump’s tariffs were struck down by the country’s supreme court.
Mr Trump’s “reciprocal tariffs”, imposed on most of the rest of the world last April under an emergency powers law, were overturned by the US Supreme Court on Friday in a major blow to the president’s economic agenda.
The UK received the lowest tariff rate of 10%, and a subsequent deal struck by Sir Keir Starmer and Mr Trump saw further carve-outs for Britain’s steel industry and car manufacturers.
Friday’s decision raises questions over whether those deals still stand, although officials are understood to believe it will not impact most of the UK’s trade with America, including preferential deals on steel, cars and pharmaceuticals.
A Government spokesman said: “This is a matter for the US to determine but we will continue to support UK businesses as further details are announced.
“The UK enjoys the lowest reciprocal tariffs globally, and under any scenario we expect our privileged trading position with the US to continue.
“We will work with the Administration to understand how the ruling will affect tariffs for the UK and the rest of the world.”
Speaking to reporters in Scotland, Conservative leader Kemi Badenoch said she was “thrilled” by the decision, adding: “Tariffs are expensive for both sides.
“The consumer in the US pays more, as does the supplier in the UK or in other countries, so I hope that this holds.”
The US has collected more than 133 billion dollars (£98.4 billion) since Mr Trump imposed the tariffs, but now faces the prospect of having to refund that money to importers.
Friday’s decision, approved by a 6-3 majority, found that a 1977 law did not give Mr Trump the power to impose tariffs without the approval of the US Congress.
The British Chambers of Commerce (BCC) said the decision did little to “clear the murky waters for business” around US tariffs.
William Bain, head of trade policy at the BCC, said Mr Trump could use other legislation to re-impose tariffs.
He said: “For the UK, the priority remains bringing tariffs down wherever possible. It’s important the UK Government continues to negotiate on issues like steel and aluminium tariffs and reduces the scope of other possible duties.”
Campaign group Best for Britain said the decision “underlines the instability of doing deals with Trump’s USA and the importance of forging deeper, more reliable trade with our EU neighbours”.
Equinox’s $40,000-a-year membership has a waiting list of more than 1,000 people, as demand for luxury health and wellness programs soars, according to the company’s chairman.
The high-end fitness chain’s “Optimize by Equinox,” launched in 2024, is one of the most expensive gym memberships in the world and includes everything from personal training and nutrition to sleep coaching, massage therapy and a “health concierge.”
Harvey Spevak, Equinox’s executive chairman, told Inside Wealth that the program has seen remarkable demand and highlights the “insatiable” demand by the wealthy for longevity and wellness products.
“Health is the new luxury,” Spevak said. “The No. 1 thing in the experience economy, besides travel, that the consumer wants, is, ‘How do I live a high-performance lifestyle?'”
The Optimize program is all part of Equinox’s strategy to become the leading luxury brand in the fast-growing business of health and wellness.
The global wellness market is expected to reach nearly $10 trillion by 2030, up from $6.8 trillion in 2024, according to estimates from the Global Wellness Institute. With the population of millionaires and billionaires aging, and an explosion in companies and products promising miracle cures, the wealthy are driving much of the spending.
Equinox has grown beyond fitness clubs to expand into hotels and hospitality, personalized performance programs, IV centers, blood-testing collaborations and more.
The company opened its first hotel, in Manhattan’s Hudson Yards neighborhood, in 2019 and is about to open a second, in Saudi Arabia. Spevak said Equinox will likely have close to a dozen hotels around the world — including in the Middle East, the Caribbean and the U.S. — within the next seven to eight years.
Equinox currently has 115 fitness clubs and has plans for 40 more — including locations in Nashville, Tennessee; Toronto; Charlotte, North Carolina; and South Florida. Despite being the largest retailer in New York by square feet, it’s continuing to add more in its home city, Spevak said.
The Optimize membership leverages Function Health, a lab test company, to provide clients with tests for 100 biomarkers twice a year, which could then serve as guides for a fitness, nutrition and lifestyle program tailored to each client.
Spevak said the program has rolled out in Los Angeles and Dallas and will eventually launch in New York.
The company also recently created a personalized program for women called EQX ARC. Using diagnostics, wearables and specialized coaching, the program is designed around the different stages of a woman’s life and health journey, and already has its own waitlist.
Spevak said the company’s IV-drip lounge at the Equinox Hotel in Hudson Yards — its only drip lounge thus far — has already become “a seven-figure business.”
Equinox Hudson Yards is the brand’s truest realization of its holistic lifestyle promise, giving members access to signature group fitness classes, a 25-yard indoor saltwater pool, hot and cold plunge pools and a 15,000 square foot outdoor leisure pool and sundeck. The Equinox at Hudson Yards footprint offers ample opportunity for training, working, regenerating, socializing, community building, eating and more.
Matthew Peyton | Getty Images Entertainment | Getty Images
While Equinox is private and doesn’t disclose financials, Spevak said 2025 was a “record year” for the company and he expects 2026 “to be even bigger.” He said other high-end consumer companies are reaching out to Equinox to partner on health and wellness.
“When you think about the economy moving from a product economy to an experience economy, a lot of big consumer companies are saying, ‘Well, how do I continue to serve my consumer and health and wellness, and who do I talk to?’
“There’s truly only one brand that has the authority and the brand equity,” he said.
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Business
‘I can do anything I want’: Trump warns of ‘even stronger methods’ after SC tariff blow – The Times of India
“I can do anything I want,” Donald Trump declared in his address as his first reaction to the Supreme Court’s landmark ruling on Friday, a major setback to his second stint in the presidency.“There are methods that are even stronger available to me,” he said in his White House address.Trump also said he was “absolutely ashamed” of the US Supreme Court justices who issued the “deeply disappointing” tariff decision.“The Supreme Court’s ruling is absolutely disappointing, and I am ashamed of certain members of the court for not having the courage to do what is right for our country,” he said.Frustrated and agitated by the Supreme Court ruling, Trump threatened to impose a 10 per cent global tariff. He added, “Today, I will sign an order to impose a 10% global tariff under Section 122, over and above our normal tariffs already being charged, and we’re also initiating several Section 301 and other investigations to protect our country from unfair trading practices.”The US top court on Friday struck down President Trump’s sweeping global tariffs, which were central to his second-term presidency and trade policies, handing him a major defeat.In a 6–3 ruling, the apex court examined tariffs imposed under an emergency powers law, including the broad “reciprocal” duties he placed on nearly all countries. The justices held that Trump’s use of emergency authority to impose import tariffs without congressional approval was unlawful.
Business
SC verdict on Trump tariffs: Dissent highlights India in Russia oil context – The Times of India
India found itself directly referenced in a landmark US Supreme Court judgment limiting presidential tariff authority, after justices examined how tariffs imposed under emergency powers were used as tools of foreign policy– including pressure linked to Russian oil imports.The ruling in Learning Resources, Inc. v. Trump held that the International Emergency Economic Powers Act (IEEPA) does not authorise a US president to impose tariffs, significantly narrowing executive power over trade policy even when tied to diplomatic negotiations.
While the majority struck down the tariffs, the Court’s dissent highlighted India as an example of how such measures had been deployed in foreign affairs.India cited in tariff diplomacy linked to Russia-Ukraine conflictIn his dissenting opinion, Justice Brett Kavanaugh described how the US administration used tariffs during sensitive geopolitical negotiations.“As with tariffs on foreign imports historically, the IEEPA tariffs on foreign imports at issue in this case implicate foreign affairs,” the dissent noted.According to the judgment, the US government argued that tariffs had been leveraged in negotiations with major trading partners.“The Government says that the tariffs have helped make certain foreign markets more accessible to American businesses and have contributed to trade deals with foreign nations worth trillions of dollars.”India was specifically mentioned in connection with US efforts tied to the Russia-Ukraine conflict.“To that end, on August 6, 2025, the President imposed tariffs on India for ‘directly or indirectly importing Russian Federation oil.’”The dissent further recorded that the tariffs were later eased, noting “And on February 6, 2026, the President reduced the tariffs on India because, according to the Government, India had ‘committed to stop directly or indirectly importing Russian Federation oil.’”
Foreign policy versus constitutional limits
The dissent argued that tariffs have historically functioned as instruments of diplomacy and national security, warning that courts should not restrict presidential authority in foreign affairs using doctrines typically applied to domestic regulation.“Presidential actions pursuant to broad congressional authorizations related to foreign affairs often have long historical pedigrees,” the dissent stated, arguing that statutes should be interpreted “as written, not with a thumb on the scale against the President.”Justice Kavanaugh contended that applying the “major questions doctrine” — which requires clear congressional approval for sweeping executive action — represented a novel judicial intervention in foreign policy decision-making.
Majority rejects foreign affairs justification
The Supreme Court’s majority, however, rejected the argument that foreign policy considerations expand tariff authority.Chief Justice John Roberts wrote that tariffs are fundamentally a form of taxation and therefore fall within Congress’s exclusive constitutional powers under Article I.The Court concluded that even emergency statutes dealing with international threats cannot transfer core taxing authority to the president without explicit language from Congress.The justices emphasised that no president had previously used IEEPA to impose tariffs in its nearly five-decade history, reinforcing their conclusion that Congress never intended to delegate such sweeping authority.
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