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    What to know about the Supreme Court ruling on tariffs
    Trump's made tariffs central to his presidency, chaos may come next
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    'Walking away' from recent deals does not seem to be in cards for America's partners: Ex-trade official
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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
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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
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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.
February 20, 2026
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Supply chain security for critical minerals and AI strengthened as partners commit to trusted, diversified industrial cooperation.
India joined Pax Silica to build a resilient, trusted supply chain for critical minerals and AI, addressing over concentration and risks of economic coercion. The declaration commits partners to coordinated cooperation across the value chain-from raw materials and mineral processing through semiconductors and AI infrastructure-emphasising diversification, trusted industrial bases, workforce development, and a pro innovation approach that treats economic security as national security.
February 20, 2026
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Export Promotion Mission expands MSME trade support with export factoring, e commerce credit and compliance facilitation.
The Export Promotion Mission deploys coordinated financial and ecosystem measures-under Niryat Protsahan and Niryat Disha-to strengthen MSME export competitiveness by reducing cost of capital, diversifying trade finance through export factoring and structured e commerce credit with interest subvention and partial guarantees, and by enhancing compliance capabilities, overseas warehousing, logistics reimbursements and trade intelligence to facilitate market entry and integration.
February 20, 2026
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Production Linked Incentive scheme links incentives to incremental domestic production, deepening localisation and strengthening manufacturing competitiveness.
The Production Linked Incentive (PLI) Scheme links financial incentives to incremental domestic production over a defined base year, incentivising scale, technology adoption and domestic value addition across 14 strategic sectors. Operative approvals and performance metrics channel payments to approved applicants to deepen localisation, expand manufacturing capacity and integrate with global value chains; reported outcomes as of 31 December 2025 include 836 approved applications, cumulative rises in investment, production, exports, employment and disbursed incentives.
February 20, 2026
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Interim India-US trade agreement likely operationalised in April after legal-text finalisation meeting, with related FTAs scheduled for implementation.
An interim trade agreement between India and the United States is expected to be signed in March and made operational in April after officials finalise the legal text; FTAs with the United Kingdom and Oman are likely to be implemented in April and a pact with New Zealand in September.
February 20, 2026
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Interim trade agreement legal text to be finalised, codifying reciprocal tariff concessions and paving way for signature.
A three-day bilateral meeting will finalise the legal text converting the previously agreed framework into an interim trade agreement to be signed by the two governments; the agreement will codify reciprocal duty concessions and specific tariff adjustments, with the Indian negotiating team led by the chief negotiator.

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Zoho Reignites CRM for Acme Brick Company

February 11, 2026

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Zoho CRM helps Acme Brick reintroduce CRM by developing custom solutions in an effort to improve sales opportunities and customer solutions in less than a year CHENNAI, India, Feb. 11, 2026 /PRNewswire/ -- Zoho Corporation, a global technology company, today announced the successful deployment of Zoho CRM within Acme Brick Company, a subsidiary of Berkshire Hathaway. Acme Brick is one of the largest manufacturers of brick in the United States. With the help of Zoho's Enterprise Business Solutions (EBS) team, Acme Brick signed on with Zoho in March 2025 and activated Zoho CRM in August, completing a full migration from their previous CRM provider by October. Acme Brick has already developed custom functions and deeply integrated Zoho CRM with legacy systems and workflows. Solution adoption across the company's 40+ sales locations and 13 states has dramatically improved, leading to more interest and better engagement from prospective clients. "With our previous CRM provider, it felt like they didn't have any skin in the game regarding our success," said Stan McCarthy, Sr. Vice President of Sales at Acme Brick. "As an example, they recommended a third-party implementation partner that disappeared after our contract ended, leaving us unsupported. If we had support needs after that, we would have to go to the CRM provider's support website, which was not very helpful. With Zoho, the solution team that was in the room with us during development is still involved in our project today. We weren't handed off to an implementation team, because Zoho was our implementation team. That kind of support makes all the difference." "We needed an intuitive, integratable CRM that our salespeople, some of whom have been with the company for 30 or 40 years, would actually use," said Julie Lloyd, Sales Enablement Manager at Acme Brick. "Our company services both residential and commercial projects from 45 sales locations in our direct 13 state market as well as serving the needs of our distributor customers in our non-direct sales markets." After Acme Brick's previous CRM deployment failed, they looked at 10 different vendors (HubSpot, Salesforce, etc.), and in every case, they realized that they would have to change their business or sales processes to get a basic benefit from the solution. Zoho CRM wins out because it has the capabilities for customization, integration, low and no-code development, intuitive UI/UX, and platinum support that allow them to scale without changing the business, which has been successful for more than a century. "Few companies can claim Acme Brick's legacy of consistent growth and longevity," said Ajay Kummar Bajaj, Global Head of EBS at Zoho. "Acme is a diversified, unique building materials business requiring a powerful yet adaptable sales platform that is simple to implement, simple to use, simple to develop, and simple to maintain. During the deployment, the company focused on embracing the 'progressive modernization' of sales processes, which, to Zoho, is a philosophy that extends long past the deployment stage. The strong partnership built between Zoho's EBS team and Acme Brick over the past several months will continue long into the future, with Zoho's continued support and dedication to providing our customers with current tools and technologies. Thanks to this partnership, Acme Brick's success is ours, as well." Acme Brick's speedy and successful deployment of Zoho CRM underscores Zoho's standing as a first-rate enterprise technology provider for organizations prioritizing customization, integration, value, and ease-of-use. Further details about Acme Brick's deployment are as follows: Acme Brick's Use Case Acme Brick's go-to-market strategy is through both direct and distributor sales, serving the residential and commercial building materials markets, which involves three distinct sales pipelines and teams. Given this unique structure of the business, Acme needed a CRM that handles essential sales functions, such as lead tracking and task management, while integrating seamlessly with their existing tools, particularly their business intelligence solution. Zoho CRM's tight integration with Acme Brick's 3rd party BI platform has allowed sales and marketing teams to view and engage with reports from within Zoho CRM, which has increased adoption significantly. With increased adoption of CRM from sales reps, Acme Brick anticipates seeing lead flow and quality improve. Looking ahead, Acme Brick intends to leverage Zoho CRM to increase and personalize marketing efforts across all three of its divisions, with the implementation of Zoho Marketing Automation to do so under active consideration. About Acme Brick Founded in 1891 by George Bennett in Millsap, Texas (west of Ft. Worth, Texas), Acme Brick grew to become one of the largest American brick manufacturers by the mid-20th century. Today, the company employs over 1,700 associates spread across 13 states. Acme Brick owns and operates 45 sales locations, with 15 brick manufacturing, and 3 block manufacturing plants, primarily located in the South/Southwest part of the country. Disclaimer All trademarks, product names, and company names cited herein are the property of their respective owners. About Zoho With over 55 apps across nearly every major business category, Zoho Corporation is one of the world's most prolific technology companies. Headquartered in Chennai, India, Zoho is privately held and profitable, employing more than 18,000 people worldwide. Zoho is committed to user privacy and does not rely on an ad-revenue business model. The company owns and operates its data centres, providing full oversight of customer data privacy and security. Over 130 million users globally—across hundreds of thousands of companies—trust Zoho to run their businesses, including Zoho itself. For more information, visit www.zoho.com Zoho Privacy Pledge Zoho respects user privacy and does not have an ad-revenue model in any part of its business, including its free products. The company owns and operates its data centers, ensuring complete oversight of customer data, privacy, and security. More than 125 million users around the world, across hundreds of thousands of companies, rely on Zoho every day to run their businesses, including Zoho itself. For more information, please visit: https://www.zoho.com/privacy-commitment.html Media Contact: Aditi Gupta [email protected] Logo: https://mma.prnewswire.com/media/2901847/Zoho_Logo.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI

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