The ruling of the US Supreme Court striking down tariffs imposed by US President Donald Trump under the International Emergency and Economic Powers Act (IEEPA) is likely to create winners and losers among global economies, with India, China, and Brazil emerging as beneficiaries, while the Euro-zone, UK, Japan, and Singapore may face negative implications, according to a report by ICICI Bank.

The report stated that "the revised tariff structure for the time being is likely to create a set of winners (India, China and Brazil) and losers (Euro-zone, UK, Japan and Singapore) while it is unlikely to materially change the outlook for the US economy."