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GIFT Nifty soars as US Supreme Court rules against Trump tariffsGIFT Nifty surged nearly 250 points, signalling a strong opening for Indian equities, after the US Supreme Court struck down President Donald Trump’s sweeping tariffs imposed under emergency powers. The 6–3 ruling, which held that the International Emergency Economic Powers Act does not authorise the levies.By Ajay Vaishnav  February 20, 2026, 10:30:15 PM IST (Published)2 Min ReadGIFT Nifty, an early indicator of the opening trend in Indian equities, surged nearly 250 points on late Friday, February 20, after the US Supreme Court struck down President Donald Trump’s sweeping tariff measures.

In a 6–3 ruling on Friday, the court held that the International Emergency Economic Powers Act (IEEPA) does not authorise the imposition of tariffs. Justices Clarence Thomas, Samuel A Alito Jr. and Brett Kavanaugh dissented.

The judgment is expected to immediately halt a significant portion of the tariffs first announced on “Liberation Day” last year, early in Trump’s second term.

Kavanaugh, in his dissent, referred to the duties imposed on India over its purchases of Russian oil.

The US had announced 25% reciprocal tariffs on India, along with an additional 25% punitive levy linked to those energy imports.

While the reciprocal tariffs were later reduced to 18%, the 25% punitive duties were withdrawn after Washington said New Delhi had committed to stopping direct or indirect imports of Russian oil and to increasing purchases of American energy.

“As with tariffs on foreign imports historically, the IEEPA tariffs at issue in this case implicate foreign affairs,” Kavanaugh wrote, adding that the administration had used the measures as leverage in trade negotiations with major partners including China, the United Kingdom and Japan.

He also noted the government’s argument that the tariffs helped open foreign markets for US businesses and supported trade deals worth trillions of dollars, and that the President was exercising IEEPA powers in the context of efforts to end the Russia–Ukraine conflict.

US equities reacted positively to the ruling. The S&P 500 rose 0.6%, the Dow Jones Industrial Average gained 0.3%, and the Nasdaq Composite led the rally with a near 1% advance.Continue ReadingTagsGift niftyNSE Nifty50