The Gift Nifty futures surged 300 points after US Supreme Court ruled against Trump's tariffs in a landmark judgement on Friday. The SC ruled 6-3 against Trump on tariffs.
As of 9:15 p.m. the futures traded 0.6% or over 154 points higher at 25,722.50.
The Supreme Court ruled that Trump overstepped his authority by using the International Emergency Economic Powers Act (IEEPA) to impose his “reciprocal” tariffs across the globe.
The Court said tariff power belongs to Congress, and the IEEPA can't be stretched to justify sweeping trade duties.
According to NBC, the ruling was authored by Chief Justice John Roberts.
"The president asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration and scope," Roberts wrote. But the Trump administration "points to no statute" in which Congress has previously said that the language in IEEPA could apply to tariffs, he added.
(This is a developing story.)
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