What did the US Supreme Court tariff ruling decide?

The Court voided last year’s IEEPA-based trade surcharges, limiting emergency powers in tariff-setting. That lifted market sentiment and improved visibility for many India-linked exports to the US. However, refund eligibility and timelines are not yet defined, so companies should not book gains until formal guidance is issued by US agencies.

When does the Trump 10% global tariff start and who is covered?

The temporary 10% global levy under Section 122 begins on February 24. It applies broadly across trading partners, including India, unless specific exclusions are later issued. It is separate from Section 232 tariffs, which continue for steel and aluminum. Investors should wait for detailed implementation notices before adjusting forecasts.

Will Indian firms get tariff refunds after the ruling?

Refund prospects remain unresolved. Companies may need shipment records, tariff codes, and proof of duty payments to file claims if permitted. Until US authorities issue procedures and timelines, treat any potential recovery as contingent. Finance teams should plan cash flows conservatively and align invoices with buyers to manage pass-throughs.

Which Indian sectors are likely winners or laggards now?

Exporters with prior IEEPA exposure, like pharmaceuticals, textiles, auto components, and specialty chemicals, could see partial relief, even with a 10% uniform levy. Steel and aluminum remain constrained under Section 232, so no direct easing there. Final outcomes depend on refunds, buyer pass-throughs, and currency moves against the US dollar.

Law and Government

February 21: US Tariff Ruling Lifts Gift Nifty; 10% Global Levy Next

ByDanny Kontos February 21, 2026February 21, 2026

The US Supreme Court tariff ruling is reshaping trade risk for India. The Court voided last year’s IEEPA-based tariffs, which lifted risk appetite and pushed Gift Nifty higher. Hours later, a Trump 10% global tariff under Section 122 was announced from February 24, keeping steel and aluminum under Section 232. Refund prospects remain unclear. For Indian investors, this mix shifts sector earnings paths, cash flows, and currency sensitivity. We break down the legal changes, market impact, and practical steps to protect portfolios in INR terms.