The US Supreme Court struck down Donald Trump’s sweeping tariffs, ruling that only Congress can impose taxes. Former Acting Solicitor General Neal Katyal led the challenge, calling the verdict a major victory for constitutional separation of powers
After the Supreme Court restricted emergency tariff powers under IEEPA, the Trump administration imposed a temporary 10 per cent global tariff under Section 122. Existing Section 232 and Section 301 duties remain in force as alternative legal measures are pursued.
India is likely to gradually reduce crude oil imports from Russia following an understanding with the United States for lower trade tariffs. While most refiners will cut new purchases, Nayara Energy may continue buying due to limited alternatives
