This lowers tariff rate for many countries, the report said.
With IEEPA no longer applicable, those countries will now be tariffed at the global 10 per cebt tariff using the Section 122 legal authority. This is, however, only temporary as the Administration will be pursuing other legal authorities to implement more appropriate or pre-negotiated tariff rates, the reports added.
On Friday, the Supreme Court struck down the global tariffs imposed by the Trump administration.
Post the verdict, Trump imposed a temporary 10 per cent surcharge on articles imported into the United States for 150 days, effective 24 February
Prior to the verdict, India had agreed to the framework for interim trade arrangement with the US, whereby US will lower the reciprocal tariff on India to 18 per cent from 25 per cent.
