अमेरिकी सुप्रीम कोर्ट ने ट्रम्प की टैरिफ शक्तियों को सीमित किया: व्यापार नीति को झटका

The U.S. Supreme Court's decision to strike down President Trump's tariffs brings several key concepts into focus. The first is the International Emergency Economic Powers Act (IEEPA). Enacted in 1977, IEEPA grants the President authority to regulate international commerce during a declared national emergency. The Supreme Court ruled that Trump's use of IEEPA to impose sweeping tariffs exceeded this authority, as the act was intended for genuine emergencies, not broad trade policy.

Another important concept is Section 122 of the Trade Act of 1974. This provision allows the President to impose temporary tariffs, up to 15% for a maximum of 150 days, to address fundamental international payments problems. Trump invoked this section after the Supreme Court ruling to impose a 10% tariff, later raised to 15%, on almost all imports. This highlights the executive branch's continued efforts to shape trade policy despite judicial limitations.

The concept of Most Favored Nation (MFN) status is also relevant. MFN requires a country to provide the same trade concessions to all WTO members that it provides to its most favored trading partner. The new 15% tariff imposed by Trump is on top of product-specific MFN rates, impacting the competitiveness of Indian goods in the U.S. market compared to countries with preferential trade deals.

Finally, the idea of reciprocal tariffs is central to the India-U.S. trade negotiations. The initial interim trade deal involved the U.S. reducing tariffs on Indian goods from 50% to 18% in exchange for India reducing tariffs on U.S. industrial and agricultural products. With the Supreme Court ruling and Trump's new tariffs, these reciprocal commitments are now being re-evaluated, as the existing reciprocal tariff of 25% on Indian goods would come down to 15%.

For UPSC aspirants, understanding these concepts is crucial for both Prelims and Mains. Questions may arise on the scope of presidential powers in trade, the implications of MFN status, and the impact of U.S. trade policies on India. This topic is particularly relevant for GS Paper 2 (International Relations) and GS Paper 3 (Economy).