New Delhi, Feb. 21 -- In a major blow to President Donald Trump's trade policy, the Supreme Court of the United States of America (SCOTUS) on 20 February struck down his global tariffs imposed under the International Emergency Economic Powers Act (IEEPA) of 1977.

The apex court held 6-3 that Trump exceeded his legal authority by using IEEPA, which is a national emergency law, and delivered his biggest legal setback since returning to the White House.

Dubbed as "among the most significant in American history", the judgement has also opened a path for refund claims on over $133 billion collected in tariffs - with economists at the Penn-Wharton Budget Model (PWBM) pegging claims at over $175 billion.

Further, this setback for Trump, comes...