In a major setback to US President Donald Trump’s signature trade policy, the US Supreme Court on Friday struck down most of his sweeping tariff measures. The US apex court stated that the President did not possess the authority under the 1977 International Emergency Economic Powers Act (IEEPA) to impose extensive import duties on goods from nearly all US trading partners. The ruling is expected to have wide-ranging consequences for global trade, businesses, consumers, inflation trends and household finances across the country.