Top News

On Saturday, the Indian Ministry of Commerce announced that it is closely monitoring developments related to US tariffs and their implications. This statement follows the US Supreme Court's decision on Friday to overturn reciprocal tariffs imposed by President Donald Trump's administration. In a split ruling of 6-3, the Supreme Court, led by Chief Justice John Roberts, determined that Trump could not impose tariffs under the International Emergency Economic Powers Act of 1974 without Congressional approval.

The Ministry of Commerce stated, "We have noted the Supreme Court's decision regarding tariffs made yesterday (Friday). President Donald Trump also held a press conference on this matter."

The ministry added that certain actions have been taken by the US administration, and they are studying the effects of these developments. Earlier in the day, Union Minister Pralhad Joshi mentioned that the government would investigate this ruling, and either the Ministry of Commerce or the Ministry of External Affairs would provide an official response. Joshi remarked, "I have read in the media that the US Supreme Court has made a decision, and the Indian government will study it. Any response will come from the Ministry of Commerce and the Ministry of External Affairs, not from me."

Just hours after the Supreme Court's ruling, President Donald Trump signed an executive order on Friday to eliminate certain tariff-related actions and announced a temporary import surcharge. This temporary 10% import fee will take effect at 12:01 AM Eastern Standard Time on February 24. Following the removal of some tariffs, the President signed a declaration to apply a 10% "temporary import surcharge" on goods entering the US market as a "value-based fee."