India, Feb. 26 -- The Supreme Court of the United States of America (SCOTUS) handed the Trump administration, arguably, its biggest institutional pushback by striking down the tariffs that the US had imposed under the International Emergency Economic Powers Act of 1977. Given that these tariffs have been the centrepiece of President Trump's economic policy in his second term, the legal setback now raises myriad issues spanning administrative details, policy options and political fallouts.

The administrative challenges thrown up by the SCOTUS ruling are with regard to the almost $300 billion in revenue that has been collected by the US government since the tariffs went into effect. Given the ruling, the tariffs that were collected potenti...