On February 20, 2026, the US Supreme Court delivered a landmark 6-3 verdict, ruling that the President lacks the authority to impose reciprocal tariffs under the IEEPA. This decision effectively resets the trade landscape between India and the United States.

In this special edition of The Core Report, financial journalist Govindraj Ethiraj talks with Ajay Srivastava (Founder, GTRI) and Krishan Arora (Partner, Grant Thornton Bharat) to analyse the fallout.

(00:00) Introduction

(01:54) Current Status India Export Tariffs

(02:48) Trump Introduces New Global Surcharge

(04:10) Legal Limits On Presidential Authority

(05:58) Potential $175 Billion Tariff Refunds

(07:15) Legal Challenges To Refund Claims

(10:25) Restoring WTO Trade Principles

(12:10) Impacts On Steel And Electronics

(14:09) Questioning Future Trade Deal Logic

(18:18) Lessons From US Institutional Strength

(20:09) Impact On China Trade Relations

Hydrogen, Gas & the Real Energy Future