Washington DC [US], February 21 (ANI): New York's Senator and Senate Democratic leader Chuck Schumer called the US Supreme Court ruling against Trump's tariffs on Friday a 'victory for the wallets of every American consumer.' He further called the ruling the 'end of trade war'.

In a post on X, he said, 'A victory for the wallets of every American consumer. Trump's illegal tariff tax just collapsed--He tried to govern by decree and stuck families with the bill. Enough chaos. End the trade war.'

https://x.com/SenSchumer/status/2024869159197118878

The United States' Supreme Court on Friday ruled that President Donald Trump's sweeping tariffs on goods from nearly all partner countries violated federal law, US media reported.

As per a report in The Washington Post, the ruling deals a major blow to his signature economic policy and represents a stinging political setback.

CBS News reported that the Supreme Court, in a 6-3 verdict, said that the International Emergency Economic Powers Act, or IEEPA, does not authorise the President to unilaterally impose sweeping tariffs on nearly every country under a federal emergency powers law, delivering a significant blow to the president's signature economic policy.

The news outlet reported that the vote count was complicated, with various justices joining different parts of the opinion.

Chief Justice John G. Roberts Jr. wrote the opinion and was joined in part by Justices Sonia Sotomayor, Neil M. Gorsuch, Elena Kagan, Amy Coney Barrett and Ketanji Brown Jackson. Justices Gorsuch, Barrett and Kagan filed concurring opinions in the case.

Justice Clarence Thomas filed a dissenting opinion, as did his fellow conservative Justice Brett M. Kavanaugh. Kavanaugh's dissent was joined by Justice Thomas and Justice Samuel A. Alito Jr.

US media outlets said that this could mean all trade deals negotiated could face issues with Congress, likely to step in.

Days after the US imposed 25 per cent tariff on Indian goods, the United States on August 6 last year imposed a 25% tariff on Indian goods as a punitive measure for continued Russian oil imports.

Under the US-India Interim Trade Agreement, earlier this month, the US agreed to reduce reciprocal duties on Indian goods to 18 per cent. Observers said that with the US apex court's verdict, exporters could see more relief in tariffs.

The observers also said the US apex court judgement could bring new elements in negotiations to finalise the Interim Trade Agreement, which was expected to be signed next month.

'...This was largely baked in by markets, hence we are seeing positive moves in US markets. Indian Nifty is up over 250 points, so being viewed positively. The question is, what Plan B will the Trump administration unleash? Refunding USD 175 bn of customs duties will impact the fiscal deficit massively. Also, many investment linkages are there,' Ajay Bagga, banking and market expert, said. (ANI)