US Appeals Court Rules Trump Tariffs Illegal, Impacts Global Markets

U.S. President Donald Trump has faced significant backlash and legal challenges over his tariff policies, particularly targeting India with 50% tariffs on exports partly due to India's oil purchases from Russia. Despite Trump's aggressive trade stance, India's Prime Minister Narendra Modi has demonstrated strong diplomatic ties with Russia and China at the SCO Summit, signaling resistance to U.S. pressure and strengthening the RIC alliance. A U.S. appeals court recently ruled most of Trump’s tariffs illegal, a decision that has been cautiously welcomed in Japan and could lead to the tariffs being lifted if upheld by the Supreme Court, potentially easing global trade tensions. Meanwhile, new economic research suggests that Trump's tariff approach might have had positive economic impacts if implemented earlier, potentially increasing U.S. economic output and manufacturing share significantly compared to free trade agreements like the TPP. The evolving situation highlights the complex interplay between U.S. trade policies, global diplomatic relations, and economic outcomes under President Trump’s administration.