The Morning Brief Court Says No. Trump Says Watch This. What Should India Do?
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Feb 24, 2026 Bipin Sapra, tax partner and global trade expert at EY India, explains shifting US tariff powers and what they mean for India. He outlines the Supreme Court ruling, compares different US trade authorities, and discusses the uncertainty around a proposed 18% tariff and its impact on tax, transfer pricing and corporate margins. He recommends waiting for clearer legal direction before signing any deal.
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Supreme Court Blocks Emergency Tariffs
- The US Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act as unlawful.
- Bipin Sapra notes the court found the word tariff absent from the 1977 emergency law, prompting the White House to pivot to Section 122 of the Trade Act within hours.
White House Shift Keeps Tariff Uncertainty Alive
- The White House quickly reimposed global tariffs (10% then 15%) citing Section 122, keeping markets and trade partners unsettled.
- Bipin Sapra highlights the president's strong intent to keep tariffs as a future economic tool despite the court setback.
Three Different Legal Paths For Tariffs
- Three legal routes exist: IEEPA (emergency powers), Section 232 (national security), and Section 301 (USTR actions), each with different processes and limits.
- Bipin Sapra explains Section 232 and 301 require investigations and can take months to a year to implement.