Washington DC, Feb. 20 -- In a major blow to US President Donald Trump's signature trade policy, the US Supreme Court on Friday invalidated most of his sweeping tariff measures, The Washington Post reported.

According to The Post, the US apex court held that the US President did not possess the authority under the 1977 International Emergency Economic Powers Act (IEEPA) to impose extensive import duties on goods from nearly all US trading partners.

The ruling is expected to have wide-ranging consequences for global trade, businesses, consumers, inflation trends and household finances across the country.

The verdict marks a notable shift from a series of recent wins for Trump at the Supreme Court. Over the past year, the justices had la...