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February 21, 2026
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IEEPA authority rejected, limiting tariff powers while administration decries the decision and cites geopolitical effects.
The Supreme Court held that the International Emergency Economic Powers Act does not authorize imposition of duties, constraining executive authority to impose tariffs under national emergencies; the President criticized the ruling and reiterated that tariffs were used as a foreign policy tool to end hostilities between India and Pakistan, a claim denied by India which attributes cessation to direct military talks.
February 21, 2026
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Global tariff authority challenged after court invalidated emergency-use tariffs; president plans executive-order, time-limited alternative.
A judicial body invalidated a broad presidential program of global tariffs as an unlawful exercise of emergency power, eliminating the administration's primary emergency-based mechanism for imposing unilateral worldwide duties. The president announced intent to use an alternative statutory authority via executive order that would impose time-limited tariffs restricted to 150 days, signaling a shift to a different administrative vehicle for trade measures.
February 21, 2026
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Emergency powers invalidation limits executive authority to impose unilateral tariffs, nullifying sweeping reciprocal import duties.
The executive's imposition of sweeping "reciprocal" import duties under a claimed emergency powers statute was found unlawful; the tariffs were invalidated because setting import duties required clear congressional authorization rather than unilateral emergency proclamations, signaling a legal limit on executive authority to alter statutory tariff schemes by emergency declaration.
February 21, 2026
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Judicial review of emergency tariff powers restores congressional tariff authority, affecting recently announced India-US trade concessions.
The US Supreme Court struck down President Trump's global tariffs imposed under emergency powers, finding tariff authority lies with Congress, thereby removing the legal basis for those sweeping reciprocal tariffs. Indian opposition leaders contend that a recently announced India-US trade framework contained concessions extracted while the tariffs were assumed valid, and they seek clarity on whether those commitments-covering tariff eliminations, import targets, energy sourcing, and non tariff barrier commitments-will persist or be revisited following the judgment.
February 20, 2026
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IEEPA authority invalidated - certain IEEPA based tariffs now refundable to importers who directly paid them.
IEEPA based tariffs were deemed impermissible, allowing refunds only to US importers of record or consignees who directly paid tariffs. Eligible tariffs include IEEPA imposed levies commonly termed fentanyl, trafficking, reciprocal or baseline tariffs, including certain tariffs on goods from Brazil and India. Refunds exclude duties imposed under other statutory authorities such as anti dumping, countervailing, trade remedy or national security provisions. The administrative procedure and timing for claims remain uncertain pending further court and executive guidance.
February 20, 2026
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Presidential emergency powers limited: IEEPA cannot be used to impose broad import tariffs, leaving refund questions open.
The Supreme Court concluded that the International Emergency Economic Powers Act does not authorize the president to impose broad import tariffs, stressing that authority to levy taxes and tariffs rests with Congress and that longstanding practice shows such power has not been exercised under IEEPA. The opinion invalidates tariffs enacted under emergency proclamations while leaving untouched tariffs based on other statutory grounds, and it leaves unresolved whether and how refunds should be returned to importers who paid the challenged levies.
February 20, 2026
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Presidential emergency tariff power invalidated, forcing alternative legal routes and prolonging trade and political uncertainty.
The Court held the president lacked authority to declare an economic emergency and impose sweeping import tariffs, removing an executive legal basis for those tariffs and forcing the administration to pursue alternative statutory mechanisms, which will prolong legal and political debate over trade policy.
February 20, 2026
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IEEPA authority curtailed: major emergency based tariffs invalidated, leaving sectoral trade measures and exemptions intact.
The President exceeded statutory authority by invoking IEEPA to impose broad import tariffs, nullifying core emergency based levies. Affected measures include the wide ranging "Liberation Day" tariffs, trafficking justified duties on Canada, Mexico and China, Brazil linked duties, and India related levies tied to Russian oil purchases. The decision removes the IEEPA route for economy wide tariffs but leaves intact sectoral and statute specific tools that continue to impose tariffs on selected industries and products.
February 20, 2026
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IEEPA authority struck down; partners unlikely to abandon recent tariff deals, administration to rely on other statutes.
The Supreme Court invalidated reliance on the International Emergency Economic Powers Act (IEEPA) to impose broad tariffs, finding IEEPA does not authorize such duties. Observers anticipate the Administration will instead invoke clear congressional tariff statutes and that trading partners who made recent deals are unlikely to withdraw them, having expected alternative statutory mechanisms to keep tariffs in place.
February 20, 2026
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Emergency-powers tariff invalidation restores trade predictability for exporters, but sectoral steel and aluminium duties remain in force.
The US Supreme Court invalidated country-specific reciprocal tariffs imposed under emergency powers, restoring predictability for exporters and enabling importers to seek refunds for duties paid under the invalidated regime, while separate sector-specific duties on steel, aluminium and certain auto components remain in force.
February 20, 2026
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Tariff authority options: multiple statutory pathways remain for imposing import duties despite limits on emergency powers.
After the court rejected the administration's emergency-based authority for sweeping reciprocal tariffs, the president can still impose import duties using alternative statutes: the Trade Act unfair-practices authority permitting unlimited tariffs after investigation and hearings; the Trade Act provision for addressing unbalanced trade that allows time-limited tariffs without prior investigation but is untested; the national-security tariff authority under the Trade Expansion Act which requires Commerce investigations; and a rarely used Tariff Act depression-era authorisation that allows very high, indefinite tariffs without investigation.
February 20, 2026
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IEEPA authority questioned as tariffs ruled unauthorized; dissent stresses tariffs' foreign affairs leverage, including India example.
The decision holds that the International Emergency Economic Powers Act does not authorize the imposition of import duties, rejecting the use of IEEPA as a statutory basis for tariffs; a dissent argued such tariffs fall within foreign affairs practice, serve as leverage in international negotiations, and cautioned against applying a major questions constraint to executive statutory authority in national security and diplomatic contexts.
February 20, 2026
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Trade deals improve market access and spur investor confidence, supporting growth and fiscal consolidation momentum.
Trade agreements with the EU and an interim US deal are expected to improve market access, boost export competitiveness, and reverse investor sentiment with renewed foreign portfolio investment into equity and debt. Fiscal consolidation alongside stepped up capital expenditure aims to crowd in private investment and support state infrastructure. Concurrently, the Reserve Bank recorded consecutive spot market dollar sales amid rupee volatility and capital flow intermittency, while inflation is expected to remain near target, sustaining a favourable near term growth-inflation balance.
February 20, 2026
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Emergency powers limits curb broad presidential tariffs, invalidating sweeping reciprocal trade measures and reshaping trade policy authority.
The Supreme Court found that tariffs enacted under asserted emergency statutory powers-including widely applied reciprocal tariffs-exceeded the President's lawful authority, clarifying statutory limits on unilateral tariff measures and signaling judicial constraints on executive use of emergency powers for sweeping trade regulation.
February 20, 2026
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Repo rate decision maintains neutral monetary stance as growth outlook brightens while inflation risks remain monitored.
The Monetary Policy Committee held the repo rate steady and retained a neutral stance, finding the current policy rate appropriate amid buoyant growth and broadly benign inflation. Members cited healthy medium term macroeconomic fundamentals and improving external outlook driven by trade agreements and fiscal measures, while noting persistent global volatility and risks to inflation. The MPC emphasized ongoing transmission of prior easing, awaited new GDP and inflation data series, and reaffirmed readiness to reassess policy as fresh data emerge.
February 20, 2026
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Money laundering allegations prompt former MD to surrender to custody after interim bail term expires in fraud-linked probe.
Allegations of money laundering and diversion of homebuyer funds form the basis of an ED investigation and FIRs alleging that two group companies misapplied project receipts, leaving residential projects incomplete and purchasers defrauded. The promoter was arrested, obtained interim bail, and later surrendered after a court denied regular bail, the court noting allegations of widespread cheating and criminal breach of trust. A related listed company filed a regulatory update confirming the director's surrender upon expiration of interim bail.
February 20, 2026
Show AI Summary
Policy rate maintained as appropriate: neutral monetary stance justified by buoyant growth and benign inflation.
The Monetary Policy Committee voted to maintain the existing policy repo rate and retain a neutral stance, finding the current policy rate appropriate given buoyant growth and benign inflation. The Governor noted healthy medium term macroeconomic fundamentals, while the Deputy Governor cited upward revisions to near term growth projections and incomplete transmission of earlier rate cuts as reasons to defer further easing until new GDP and inflation series data are available.
February 20, 2026
Show AI Summary
Free trade agreements improving market access and export competitiveness, prompting investor confidence and supporting growth policy.
Free trade agreements with the EU and an interim pact with the US are expected to improve market access, enhance export competitiveness, and deepen Indian firms' integration into global value chains; this expectation has altered investor sentiment, prompting a return of foreign portfolio investment, while the Union Budget stresses fiscal consolidation alongside stepped up capital expenditure, and headline inflation remains benign under the revised CPI series.
February 20, 2026
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Market rebound driven by banking and metal stock buying as trade deal signals and supply chain shifts lift sentiment.
Equity markets rebounded with strong buying in large-cap banking and metal stocks restoring benchmark indices to positive territory after a sharp correction. Broad sector participation favored Power, PSU Banks, Utilities, Capital Goods and Metals, while IT lagged. Sentiment was supported by trade-agreement signals and India's participation in Pax Silica, enhancing supply chain security for AI and semiconductors, even as elevated volatility and recent institutional net selling influenced near-term flow-driven moves.
February 20, 2026
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Foreign exchange reserves rise to record level after gains in foreign currency assets and gold, RBI data shows
India's foreign exchange reserves rose to USD 725.727 billion in the week ended February 13, driven by increases in foreign currency assets (up USD 3.55 billion to USD 573.603 billion) and gold reserves (up USD 4.99 billion to USD 128.466 billion); SDRs increased by USD 103 million to USD 18.924 billion and the IMF reserve position rose by USD 19 million to USD 4.734 billion, with dollar reporting reflecting valuation effects of non US currency movements.

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If language protest is a 'disease', most states suffer from it, says Raj Thackeray targeting Bhagwat

February 10, 2026

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Mumbai, Feb 10 (PTI) Maharashtra Navnirman Sena (MNS) president Raj Thackeray on Monday said that if RSS chief Mohan Bhagwat if of the opinion that protesting for one's language is a "disease", then a majority of the states in the country suffer from it.

In a post on X, Thackeray also claimed that those who attended Bhagwat's programme here on February 7-8 to mark the RSS centenary did not come out of love for him but due to the fear of Narendra Modi's government.

The Bharatiya Janata Party (BJP), however, dismissed the remarks, saying people attend Rashtriya Swayamsevak Sangh's (RSS) programmes voluntarily and with discipline.

On the issue of Marathi language and identity, the ruling BJP said Marathi is a matter of pride, but stressed that a language should remain a medium of communication rather than conflict.

Thackeray noted that the regional sentiment in the southern states like Tamil Nadu and Karnataka is fervent. There is a similar sentiment in Punjab, West Bengal and even in Gujarat.

When hordes of people from four-five states in the country go to different states, act arrogantly there, reject the local culture, insult the local language, create their own vote banks, it leads to resentment among locals, leading to outbursts, he noted.

Will Bhagwat call it a disease? the MNS president asked.

During an event in Mumbai over the weekend, Bhagwat interacted with people from different walks of life and responded to a series of questions. On the language row, he had said the "localised disease" should not spread.

Reacting to it, Thackeray said, "If Bhagwat feels love for language and state is a disease, then a majority of the states in the country suffer from it." Thackeray said Bhagwat did not give these "sermons" to Gujarat when thousands of people from Uttar Pradesh and Bihar were driven away from there. Why were such lessons not given to Karnataka, Tamil Nadu, Andhra Pradesh, West Bengal and Punjab? he asked.

"Bhagwat can show the courage of making such remarks because Marathi manoos are tolerant, but more than that, those in power are spineless," he claimed.

Notably, the MNS and Uddhav Thackeray's Shiv Sena (UBT) contested last month's municipal corporation polls on the plank of Marathi identity and the 'sons of the soil' issue.

Raj Thackeray said, "For us, the Marathi language and the Marathi people are of paramount priority. Linguistic and regional identities will remain in this country, and so they will in Maharashtra too! This is our right, and whenever such situations arise, Maharashtra will rise with full fury." The MNS leader further said he respects the Sangh's work, but it should not indirectly take a political stand. And if it does, then it must first pull up the government that's "imposing Hindi (which isn't even the national language) across the country," and then come teach us about harmony.

Raj Thackeray also said Bhagwat should not teach him Hindutva. When Hindus are attacked, the MNS will do whatever it can as Hindus.

The MNS was the party that took out marches against the Raza Academy "riots", protested against loudspeakers on mosques, and took a stand against the massive loudspeakers and DJs during Hindu festivals that trouble citizens, he pointed out.

"We call out what's wrong as wrong. When will you (Bhagwat) speak up like that? When will you speak about the chaos in the name of Hindutva across the country - the way women are made to dance during kanwar yatras in north India?" he said.

In 2014, India was ninth in beef exports and today it's second, yet the drama of cow slaughter politics continues, inflaming sentiments. When will Bhagwat speak on it? Raj Thackeray asked.

Responding to the comments, BJP state chief spokesperson Keshav Upadhye in a post on X said the MNS leader needs to come out of his "misconception" that people attend RSS events out of fear.

Upadhye said that Raj Thackeray should come out of the misconception. It's wrong to assume that just as people come out of fear of MNS, the same must be happening elsewhere. People participate in RSS shakhas, rallies and most events willingly and in an orderly manner, the BJP leader asserted.

He said many RSS activities are held early in the morning or at dawn and therefore may not be visible to everyone.

"The RSS has gained social acceptance over a hundred years of work, while self-serving political parties like the MNS have faded within a few decades. Thackeray should reflect on this," he said.

Referring to the issue of Marathi language and identity, Upadhye said Marathi is a matter of pride, but any language should serve as a medium of communication, not conflict.

He said that when insistence on Marathi turned into hatred for other languages and led to loss of lives, credibility on the issue was lost.

Upadhye also said there was no need to offer advice to the RSS, adding that the organisation stands for dialogue, not confrontation. PTI PR ND GK

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