The US trade scene just saw a major shake-up! The Supreme Court has reined in President Trump’s power to impose widespread import tariffs using emergency laws. This decision could mean billions in collected tariffs might need to be refunded to businesses – a significant development.
However, if you thought this would stop the President’s tariff plans, think again. Trump quickly called the ruling “terrible” but immediately invoked a *different* statute: Section 122 of the Trade Act of 1974.
What does this mean for global trade partners, including India? Starting February 24th, a new, temporary 10% global import surcharge will apply. India, along with other nations like Japan and the European Union, will now face this uniform 10% levy, even if they had negotiated specific trade arrangements.
It’s important to note that not all existing tariffs are affected. National security tariffs (under Section 232) and those targeting unfair trade practices (Section 301) remain in full force. Trump clarified that “the India deal is on,” suggesting current bilateral agreements will continue under this new legal framework.
The administration describes this new 10% surcharge as a temporary measure to address balance-of-payments deficits. While initial market reactions to the Supreme Court’s decision hinted at eased inflationary pressures, Trump’s swift introduction of fresh levies has kept global trade a dynamic and watchful space. The bottom line: tariffs remain a key tool in US economic strategy.
Source: https://kashmirreader.com/2026/02/22/after-us-supreme-court-setback-trump-slaps-10-global-tariff/
