Indian rupee gains ground after US court strikes down emergency tariffs

The U.S. US Supreme Court has struck down President Donald Trump’s emergency tariff authority, a decision that has immediately impacted global financial markets and trade policy. On February 23, 2026, the ruling prompted a firmer tone across Asian currencies and equities, while the Indian IN rupee is positioned to open higher against the dollar. The judicial move effectively removed the legal foundation for previous emergency measures, though the relief for international trade partners was quickly followed by a new administration policy.

Following the court's decision, President Donald Trump announced the implementation of a new 15% global import duty. This new levy replaces earlier emergency tariffs that had reached as high as 50% for certain Indian exports. While the ruling initially suggested a broader removal of trade barriers, the subsequent 15% duty reduces the scale of relief for exporters who had been navigating the higher emergency rates, materially altering the expected effective tariff rates for exporters. Analysts at ING Groep N.V. ING noted that the market reaction remained positive in the near term despite the new duty, as the court's intervention provided a check on executive tariff powers.