The global tariff story under President Donald Trump has been anything but straightforward. What began as sweeping “reciprocal” duties imposed under emergency powers was upended by a landmark US Supreme Court ruling that struck down the administration’s use of the International Emergency Economic Powers Act (IEEPA) to levy broad tariffs. For a brief moment, it appeared as though the tariff wall might come down. Instead, within hours, the White House pivoted to another statute — Section 122 of the Trade Act of 1974 — announcing a temporary but sweeping 15% global import surcharge. The result: the tariff regime has been redefined, not removed, and the uncertainty surrounding global trade continues. For markets, the twists have triggered bouts of trepidation and volatility. For India, the new tariff architecture is positive with the global tariff rate better than the interim US-India trade tariff at 18% announced earlier.