GIFT Nifty signals a bullish start for domestic markets as it trades up by 1.91% at 25,886. The index reached an intraday high of 25,897, reflecting strong global sentiment after a landmark US Supreme Court ruling. The US Supreme Court has struck down a series of sweeping tariffs previously imposed under national emergency laws. In a 6-3 verdict, the court ruled that the power to levy such taxes rests with Congress rather than the President. This decision effectively nullifies the previous punitive tariff structure that had seen rates on some goods climb as high as 50%. While this provides immediate legal relief, President Trump has responded by signing a new executive order for a 10% global baseline tariff under the Trade Act of 1974. The new 10% tariff is slated to take effect on February 24 for a duration of 150 days. This shift is seen as a strategic pivot, as the administration seeks alternative legal avenues to maintain its trade agenda. For India, the trade landscape is undergoing a rapid transition. Following a bilateral deal earlier this month, the effective tariff on most Indian goods had already been reduced to 18%. The latest court ruling and the subsequent 10% global order may further lower these costs. The Nifty Pharma index is a key beneficiary, having gained over 4.5% in recent sessions. Critical sectors such as pharmaceuticals, semiconductors, and energy remain largely exempt from the harshest duties to protect US supply chains. The metals and chemicals sectors are also in focus. These industries faced significant pressure under the previous 50% tariff regime and stand to recover as trade barriers are lowered. Investors are now tracking the potential for tariff refunds. Over 1,800 lawsuits have been filed by companies seeking to reclaim billions in duties paid since 2025. While the court ruled the previous tariffs illegal, the mechanism for processing these refunds remains unclear. Global indices show a mixed reaction. While US and European markets rallied on the news, the Nikkei 225 fell by 1.19% and the Hang Seng dipped 1.10% as Asian markets weigh the impact of the new 10% baseline. The domestic focus remains on export-oriented themes and policy responses from New Delhi. With GIFT Nifty holding strong support at 25,455, the market setup remains positive despite the ongoing shifts in international trade policy. [Trump's 10% tariff announcement](https://www.google.com/search?q=https://www.youtube.com/watch%3Fv%3DN_8VfJ-G0z8) This video provides a direct record of the President's response to the Supreme Court ruling and his immediate introduction of the new 10% global tariff policy.