Supreme Court blocks IEEPA tariffs, $175B refund exposure, India ceasefire proposal

Brief'd · Oct 7, 2026 · 7m

The Supreme Court ruled unanimously that the International Emergency Economic Powers Act cannot authorize tariffs, invalidating the legal basis for prior duties and exposing roughly $175 billion in refund claims. India offered a ceasefire proposal covering energy infrastructure, grain, and Black Sea shipments, which Ukraine says is the broadest currently on the table. The Federal Reserve was not the only central bank tightening policy — India's RBI raised rates for the first time since early 20…