In a decisive 6-3 vote, the US Supreme Court has struck down the global tariffs imposed under the IEEPA, leading to the scrapping of the 18% reciprocal tariffs previously levied on Indian goods. While sectoral tariffs on steel and automobiles remain, approximately 55% of India’s exports will now be subject only to MFN (Most Favoured Nation) tariffs. This verdict also necessitates a massive refund of over $133 billion in collected import taxes to global importers.