The US Supreme Court delivered a significant ruling on tariffs, invalidating President Trump's use of emergency powers under the International Emergency Economic Powers Act to impose sweeping global duties.

The US Supreme Court delivered a significant ruling on tariffs, invalidating President Trump's use of emergency powers under the International Emergency Economic Powers Act to impose sweeping global duties. In a 6-3 decision, the court determined that the IEEPA does not authorize such broad tariff authority. Following the verdict, Trump pivoted to Section 122 of the Trade Act of 1974, enabling him to impose a 15% global tariff without congressional approval for up to 150 days. India's tariff situation exemplifies the volatility in US trade policy, fluctuating from 26% in April to 50% in August before settling at the new 15% baseline. Sector-specific duties on steel, aluminum, and automobiles remain intact, continuing to impact bilateral trade relations and global supply chains.