Bank of England official Taylor downplays Supreme Court ruling, stating that the impact of U.S. tariffs will last for many years

Alan Taylor, a rate setter at the Bank of England, stated that the impact of U.S. tariffs on global trade and UK inflation will last for many years. Taylor downplayed the effects of last week's U.S. Supreme Court ruling that struck down President Donald Trump's signature economic policies. On Monday, Taylor noted that looking back at the historical experience of the sharp rise of protectionism in the U.S. during the 1930s shows that the effects take time to manifest. "It is fundamentally important to recognize that these tariffs will exist at some level for a long time, and their scale is an order of magnitude higher than it was two years ago," Taylor said at an event hosted by Deutsche Bank in London. "I believe this impact will also last for many years, rather than being quickly transmitted and dissipating soon."