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.
Further, in the 6-3 opinion, the Chief Justice wrote, “The President asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration, and scope. In light of the breadth, history, and constitutional context of that asserted authority, he must identify clear congressional authorization to exercise it,” he wrote.
"IEEPA's grant of authority to “regulate . . . Importation” falls short. IEEPA contains no reference to tariffs or duties. The Government points to no statute in which Congress used the word “regulate” to authorize taxation. And until now, no President has read the IEEPA to confer such power," reads the order.
"We claim no special competence in matters of economics or foreign affairs. We claim only, as we must, the limited role assigned to us by Article III of the Constitution. Fulfilling that role, we hold that IEEPA does not authorize the President to impose tariffs," said the court.
Earlier, several times, Trump warned that striking down his tariffs would have 'catastrophic consequences for national security, foreign policy and the economy.
Dissenting, Judge Brett Kavanaugh said that the tariffs at issue here may or may not be wise policy. "But as a matter of text, history, and precedent, they are clearly lawful. I respectfully dissent."
Follow LIVE updates here: Gold, Silver Rally Following US SC Verdict; Trump Calls Ruling 'Disgrace'
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