President Donald Trump has asked the Supreme Court to overturn a lower court decision calling most of the sweeping trade tariffs 'illegal'.
Washington: Arguing that tariffs are "a crucial aspect of our push for peace" in Ukraine, President Donald Trump's administration has moved the Supreme Court to challenge a federal appeals court ruling that decreed most of his sweeping tariffs illegal. The filing stated that with tariffs, the US is a “rich nation" and without them, it is a “poor nation”.
"The President recently authorized IEEPA (International Emergency Economic Powers Act) tariffs against India for purchasing Russian energy products, to deal with a preexisting national emergency regarding Russia's war in Ukraine, as a crucial aspect of his push for peace in that war-torn country," the administration wrote.
On August 27, the Trump administration doubled tariffs on India to 50 per cent - half aimed at penalizing New Delhi for ramping up Russian oil imports after Moscow's invasion of Ukraine, and the other half under Trump's signature "America First" push to cut trade deficits.
"According to the president, one year ago, the United States was a dead country, and now, because of the trillions of dollars being paid by countries that have so badly abused us, America is a strong, financially viable, and respected country again," the filing said.
Last week, a US appeals court ruled that many of tariffs, which have upended global trade, were illegal, but had allowed the tariffs to remain in place to give the administration time till mid-October to take it up to the Supreme Court. The 7-4 ruling by the US Court of Appeals for the Federal Circuit affirmed a lower court's finding that Trump had exceeded his authority in tapping emergency economic powers to impose wide-ranging duties.
Trump had slammed the ruling and posted on Truth Social that the appeals court "incorrectly said that our Tariffs should be removed, but they know the United States of America will win in the end".
He also added that he would fight back "with the help" of the Supreme Court. US Treasury Secretary Scott Bessent also remarked that suspending the effectiveness of tariffs "would lead to dangerous diplomatic embarrassment.”
India lowers consumption tax to mitigate tariff impact
Prime Minister Narendra Modi has stated that the "next generation" GST reforms rolled out are a "double dose of support and growth" to propel India’s progress in the 21st century.
The latest reforms mark a significant simplification of the GST structure, which will take effect on September 22. The shift to a two-slab system of 5 per cent and 18 per cent, removing the earlier 12 per cent and 28 per cent rates, will make taxation more transparent and easier to follow, according to an official statement.
At the same time, a 40 per cent tax on luxury and sin goods such as pan masala, tobacco, aerated drinks, high-end cars, yachts, and private aircraft ensures fairness and revenue balance. Alongside, registration and return filing have been simplified, refunds have been made faster, and compliance costs have been reduced, easing the burden on businesses, especially MSMEs and startups.
A sector-wise follow-up of the reforms and their expected impact indicates that there will be gains across the board, making goods cheaper, driving up demand, and spurring economic growth and job creation in the economy.
