U.S. Supreme Court strikes down Trump Tariffs; new 10% global duty under trade act raises global concerns

The U.S. Supreme Court, in a 6–3 ruling, struck down former President Donald Trump’s sweeping tariff orders, holding that the International Emergency Economic Powers Act does not authorise import taxes. Hours later, Trump announced a new 10% global tariff under the Trade Act of 1974. The move has triggered global reactions, including from India and the European Union, and raised questions over the fate of $133 billion collected under the invalidated duties.