US Supreme Court May Invalidate Trump Tariffs, Triggering $170 Billion Refund

• Jahangir Aziz of JPMorgan suggests the US Supreme Court could rule Trump's tariffs, imposed under IEEPA, as invalid.
• Such a ruling would necessitate the US government refunding an estimated $165-170 billion in collected tariffs.
• The International Emergency Economic Powers Act (IEEPA) was deemed illegal by the Court of International Trade, as it's meant for severe emergencies, not persistent trade deficits.
• If IEEPA is invalidated, all trade deals based on it would become void, requiring renegotiation.
• The US would likely resort to Sections 301 and 232 for future tariffs, allowing for sectoral and country-specific impositions, potentially impacting India's trade policies.

Why It Matters: US Supreme Court ruling could invalidate Trump-era tariffs, leading to massive refunds and new trade policy shifts.