US Supreme Court Strikes Down Trump's Emergency Tariffs: India, China Among Key Beneficiaries

• US Supreme Court invalidates former President Donald Trump's emergency tariffs, overturning a system that reshaped global supply chains.
• The ruling states Trump exceeded authority by invoking the International Emergency Economic Powers Act (IEEPA) to impose extensive tariffs.
• India and China are primary beneficiaries, with economists projecting a decrease in weighted average tariff rates on Asian exports to the US.
• For India, sectors like engineering goods, auto components, textiles, and pharmaceuticals receive immediate relief.
• Trump warns of 'much higher' tariffs under alternative legal authorities for countries attempting to 'play games' with trade agreements.