US Imposes 10% Global Tariff; India to Pay Under Trade Deal
The United States has announced a 10% global tariff, which India is expected to pay under its trade agreement with Washington. A White House official confirmed the tariff “will remain until another authority is invoked,” urging all trade partners to honor existing deals.
The move follows a U.S. Supreme Court ruling (6–3) that Donald Trump’s administration exceeded its powers by using the International Emergency Economic Powers Act (IEEPA) to impose broad import duties. In response, Trump called the verdict a “terrible decision” and announced an executive order under Section 122 of the Trade Act of 1974, authorizing temporary surcharges of up to 15% for 150 days to address balance-of-payments issues.
Trump said existing Section 232 (National Security) and Section 301 (Unfair Trade) tariffs remain in place. He criticized the Court for being “swayed by foreign interests” and argued the ruling benefits other countries.
The Supreme Court’s decision invalidated billions in emergency tariffs, potentially requiring $130–175 billion in refunds. Markets reacted positively, expecting lower inflationary pressure, though optimism was tempered by Trump’s vow to reimpose levies.
Trump affirmed that “the India deal is on,” indicating that bilateral tariff adjustments—such as reducing reciprocal rates to 18%—will continue under new legal authority.
