Mumbai, Feb. 21 -- The landmark 6-3 ruling by the US Supreme Court striking down emergency tariffs has sent ripples through the global trade community. While the ruling curtails executive power, the immediate introduction of a 10 per cent uniform levy under Section 122 has drawn sharp reactions from trade, legal, and economic experts.

Shailesh Haribhakti, a renowned Chartered Accountant and Cost Accountant, expects "Massive litigation and refund claims". Haribhakti emphasises that the ruling creates a significant legal liability for the US government, as the differentiated tariffs previously collected may now be deemed illegal.

"The Supreme Court has ruled that the president had no ability and no power and that it had to be done through...