New Delhi, Feb. 23 -- A major development unfolded last week as the US Supreme Court on Friday drew lines around the tariffs, invalidating the 'Liberation Day' tariffs announced by President Donald Trump in April 2025, marking a significant turning point in US trade policy and global trade governance.

The US Supreme Court found that the President had overstepped his powers when he introduced sweeping global tariffs last year using a 1977 law known as the International Emergency Economic Powers Act (IEEPA). The court held that the power to impose tariffs under the IEEPA vested in Congress and not the President.

The White House, which imposed sweeping tariffs on all trading partners, citing a larger trade deficit with countries such as Ch...