Bank of England rate-setter Alan Taylor said the shock waves from US tariffs on global trade and UK inflation will play over many years as he played down last week’s Supreme Court ruling against President Donald Trump’s signature economic policy.

Taylor said on Monday that the experience from the 1930s, when there was last a sharp increase in US protectionism, shows that the effects will take time to unfold.

“I think the fundamental thing to realize is those tariffs are here to stay at some number that is an order of magnitude bigger than it was two years ago,” he said at a Deutsche Bank event in London. “I think we should expect this shock to play out also over many years. It’s not going to be like an immediate shock that passes through.”

Taylor made his comments days after the Supreme Court struck down Trump’s use of an emergency-powers law to impose his so-called reciprocal tariffs around the world. Trump responded by imposing a new 10% global levy, which he then increased to 15%. Taylor argued the court’s pushback did little to change the overall picture.