The real winners of Trump’s global tariff war: law firms, hedge funds and AI

Businesses are vying for a refund, with nearly $175bn on the line, but customers are unlikely to benefit from reversal

At 8am, two hours before the US supreme court officially slapped down Donald Trump's liberation day" tariffs on 20 February, Joseph Spraragen's phone was already ringing off the hook.

The seasoned New York-based attorney and his 40-strong specialised trade team at Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt (GDLSK) had spent months filing hundreds of lawsuits for heavy-hitter clients, including luxury brands Prada and Dolce & Gabbana, in protest of the US president's decision to impose sweeping import taxes last April.