However things shake out in the end, the initial ruling certainly came as a relief to many, given the chaos and uncertainty that Trump's tariffs have caused thus far.

Earlier Wednesday, Trump set tariffs of 20% to 30% for leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya, mostly matching April's "Liberation Day" rates.

Trump doubled down on the economic threats by saying that any fiscal retort from Canada will be tacked onto the 35% set to take effect Aug. 1.

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Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

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