New Delhi: There is a big storm in America over Trump's tariffs. The US Supreme Magistrate on 20 February 2026 delivered a historic ruling striking lanugo the massive global tariffs imposed by President Donald Trump. The Court, by a majority of 6-3, held that the President does not have the validity to impose tariffs under the International Emergency Economic Powers Act (IEEPA). This visualization is stuff considered a big wrack-up to Trump's trade policy considering it has moreover raised the question of tariff refunds worth billions of dollars.
What does the Supreme Court's visualization say?
The magistrate unmistakably said that only Congress has the right to impose taxes and duties, not the President. Describing drug trafficking and trade deficit as a 'national emergency', Trump had imposed tariffs ranging from 10% to 25% on Canada, Mexico, China and other countries through IEEPA. But the magistrate supposed it unconstitutional. Chief Justice John Roberts wrote that the law did not create a tariff. Without the decision, Trump tabbed it 'terrible' and targeted the judges.
What was Trump's firsthand response and new tariffs?
Hours without the decision, Trump imposed a new 10% global tariff, which was later increased to 15%. This has been imposed under Section 122 of the Trade Act 1974, which is temporary and can elapse in 150 days. This has then spread uncertainty in the global market. Many countries have tabbed this a new whence of trade war.
What was said from India's side?
India's Finance Minister Nirmala Sitharaman gave her first reaction on Monday and said that it is too early to say anything on America's tariff changes. “It is too early to know what its impact will be on the Indian economy,” she said. The Commerce Ministry is reviewing the unshortened situation. The delegation will squint forward to remoter negotiations and decisions on when to proceed.
Sitharaman moreover said that uncertainties alimony coming and going, but the India-US deal is on the right track. We have washed-up many deals with UK and EU. Our effort is to strengthen the Indian economy and make our products reach the global market.
What is the update on merger of public sector banks?
The finance minister moreover talked well-nigh the merger of public sector banks. She said that no roadmap is ready for this yet. However, in the Union Budget 2026-27, a high-level committee on financial for 'developed India' will be formed, which will consider this issue and other aspects.
Overall, this minutiae is bringing new challenges to global trade. India is keeping a watchful eye and does not want to take any unceremonious decisions. Trade partners virtually the world now squint to the next steps
