US Supreme Court Curbs Trump's Tariff Powers; India Gains Leverage

• US Supreme Court ruled President Trump overstepped authority by using IEEPA for global tariffs, with two conservative appointees joining the majority.
• Chief Justice Roberts stated IEEPA does not grant unlimited tariff powers; taxing power rests solely with Congress.
• Trump immediately signed a new executive order for a 10% global tariff under Section 122 of the Trade Act of 1974, later increasing it to 15%.
• The ruling invalidates broad tariffs from April 2025, potentially entitling importers to $130-175 billion in refunds, but does not affect sector-specific tariffs.
• India gains immediate relief and leverage for trade deal renegotiation, but faces new Section 301 investigations by USTR.