The U.S. Supreme Court is set to rule on the legality of President Donald Trump's emergency tariffs, a decision that could significantly impact global trade and U.S. policy. The case questions whether the International Emergency Economic Powers Act (IEEPA) grants the president authority to impose such duties and if importers should be refunded for tariffs already paid, potentially totaling billions. Markets are bracing for volatility, with potential benefits for some companies if tariffs are struck down, while others worry about weakened presidential powers. India's trade relations and potential goods duties are also at stake.