‘Supreme’ The hammer broke Trump’s back, the US government will return billions of dollars; How will India benefit from the new decision?

Tariff Trouble for Trump: US President Donald Trump has suffered a severe blow from the Supreme Court. The Supreme Court of the country has completely canceled the global tariff imposed by them. The court made it clear that the President does not have the power to declare an economic emergency and arbitrarily impose heavy taxes on imports. This decision is a direct attack on Trump’s second term agenda.

This decision of the US Supreme Court has come by majority. Chief Justice John Roberts said in strong words that President Trump has crossed all limits of his powers, that is why this tariff is being abolished. Trump had used the International Emergency Economic Powers Act (IEEPA) of 1977 to bomb the world with tariffs without Congress’s approval, which has now been declared illegal.

Will Trump have to return the money?

Donald Trump is very disappointed with this decision of the Supreme Court. Criticizing the court’s decision, he said, what will happen to the billions of dollars collected through tariffs in the last one year? Trump says that the court did not even write a single line about whether the money would be kept with the government or returned. Describing this decision as bad, he said that it is as if it has not been written by sensible people. Trump expressed fear that now this matter will remain stuck in lawsuits for the next two years.

Treasury ready to return money!

Interestingly, according to American economists, an amount of around $175 billion may come under the ambit of refund claims. US Treasury Secretary Scott Besant has clarified that if refunds have to be given, the Treasury Department is fully prepared for it, although the process can be quite complicated.

Demand for refund of tariff amount

Meanwhile, California Governor Gavin Newsom has demanded that the amount recovered from the tariffs declared illegal be immediately returned to all Americans. Economists also believe that the biggest burden of these increased tariffs has not fallen on foreign exporters, but on those American companies that import goods from abroad. In such a situation, those companies can fight a long legal and administrative battle to demand back their extra tariff.

Donald Trump played a new trick

Immediately after receiving the setback from the Supreme Court, Trump has started his new maneuver. Not giving up, he announced that he would sign a new executive order under Section 122 of the Federal Law, through which a global tariff of 10 percent would be imposed. Trump showed his aggressive attitude and said that we may remain stuck in court for 5 years, but we will not back down.

India exempted from 18% tariff

Now the biggest question is what impact will this entire incident have on India and how much tariff will America take from India? Due to buying oil from Russia, America had earlier imposed a heavy tariff of 50 percent on India, which was later reduced to 18 percent. Now after the order of the Supreme Court, that 18 percent tariff has ended.

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Will have to pay 10% temporary tariff

According to Trump’s new announcement, now a temporary tariff of 10 percent will be imposed on India on goods imported into America for 150 days from February 24. The White House has also issued a statement confirming that America’s trading partners, including India, who had made tariff deals with the Trump administration before the Supreme Court decision, will be charged only 10 percent tariff. However, the tariffs which were imposed under Section 232 and Section 301 will continue as before.