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    Congress slams govt for agreeing to trade deal after US Supreme Court strikes down Trump's tariffs
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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
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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.

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4th Federal Bank Kochi Marathon: Ranjit Singh and Abhilasha Sanjeev emerge champions

February 11, 2026

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Kochi: Ranjit Singh and Abhilasha Sanjeev clinched the men’s and women’s titles respectively at the 4th Federal Bank Kochi Marathon, organized by CleoSportz. Ranjit Singh, an Army officer from Amritsar, Punjab, won the marathon (42.1 km) in 2 hours, 28 minutes and 53 seconds. A regular participant in the Mumbai Marathon, this marked his first appearance at the Kochi Marathon. Thiruvananthapuram (Chembazhanthi) native Manoj R.S. finished second with a timing of 2:33:21, followed by Vinoth Kumar of Madurai, who secured third place in 2:34:52. In the women’s marathon, Abhilasha Sanjeev from Maharashtra claimed first place, clocking 3 hours, 10 minutes and 26 seconds. The 22-year-old athlete had earlier finished fifth in the Mumbai Marathon. K.M. Laxmi from Uttarakhand came second (3:33:01), while Divya S from Pollachi finished third (3:39:37). Cash prizes of ₹1,25,000, ₹1,00,000 and ₹75,000, along with medals, were awarded to the top three finishers in both categories.

In the men’s marathon (18–40 age group), Boby Nayak, Sujith T.R. and Chetram Kumar secured the first, second, and third positions respectively. In the women’s category, Abigail Lomas, Poojitha S., and Khushi Malik claimed the top three honours. In the 40–50 age group, Justin T.X., Deepu S. Nair, and Mohamed Rafi finished first, second, and third respectively in the men’s category, while Bismy Augustine, Poornima M., and Sujana Sarath took the top three positions in the women’s category.

In the 50–65 age group, Naisam K.A., Dileep T., and Sabu G. Cheruvil finished first, second, and third respectively in the men’s category. Mary Thakkolkaran emerged as the sole winner in the women’s category. In the 65+ age group, K.M. Radhakrishnan, Johnson Paul Moyalan, and Rosario Machado secured the first three positions respectively in the men’s category. There were no participants in the women’s category in this age group.

In the 21.0975 km half marathon (18–40 age group), Adetya Singh from Jammu and Kashmir won the men’s title with a time of 1:10:40. Sandeep V.K of Wayanad (1:12:40) and Jerald Cecil of Palakkad (1:15:05) finished second and third. In the women’s category, Aiswarya S from Palakkad secured first place (1:45:10), followed by Devika Ben (1:51:57) and Anna Van Duijnhoven (1:56:58), both from Kottayam.

In the 40–50 age group half marathon, Shijo Joseph (1:31:07), Siju A (1:38:12) and Rajpal Singh (1:39:18) topped the men’s category, while Reena Manohar (1:54:00), Nisha Binoy (2:46:27) and Dipika Jain (2:50:28) won the women’s category. In the 50–65 men’s category, Aji Kumar, Buffer and Taichi Zakimi finished on the podium, while Lovely Johnson (2:20:45) and Suma Binoy Oommen (2:53:57) won the women’s titles. In the over-65 category, Shanmugam S (1:37:30) came first, followed by George Benedict (1:52:31) and Sadanandan Pillai (2:05:00).

In the 10 km run, Ajmal MF, Yoshiki Takahashi and Rijin Babu emerged winners in the men’s 18–40 age group, while Jinsy G, Silpa K.S. and Martha Cecconi topped the women’s category. In the 40–50 age group, Anbarasu P, Ravi and Pothiraj P won the men’s category, while Minu Victor, Suchithra Nair and Vandana Sandeep won the women’s event. In the 50–65 men’s category, Bipin Cherian finished first, followed by Logidhas Rajasekharan and M.S. Sebastian. Jaimol K. Joseph, Malini K.R. and Tania Nisha Raj won the women’s category. In the over-65 age group, Lakshmanan A, Joseph K. Peter and Dasan Nair K.S. topped the men’s category, while Rajam Gopi, Nalini and Susy Sebastian won the women’s event.

A three-kilometre fun run was also held as part of the marathon. More than 7,800 runners, including participants from England, Korea and the Netherlands, took part in the event.

The marathon, which began at Maharaja’s College Grounds on Sunday morning, was flagged off by Federal Bank Chief Marketing Officer M.V.S. Murthy, Marathon Medical Director and Aster Medcity Emergency Medicine Consultant Dr. Savithri, Tiger Balm Regional Head V. Subramanian, Trade Marketing Head Anoop Dwivedi, and CleoSportz Directors Anish Paul, Byju Paul, Sabari Nair and M.R.K. Jayaram.

The prize distribution ceremony was attended by High Court Judge Justice Devan Ramachandran, Kochi Mayor V.K. Minimol, Deputy Mayor Deepak Joy, City Police Commissioner Kaliraj Mahesh Kumar, Federal Bank CMO M.V.S. Murthy, Marathon Medical Director Dr. Savithri, Jain University New Initiatives Director Dr. Tom Joseph, Marathon Goodwill Ambassador Prachi Tehlan, and actor Mathew Thomas. Prizes worth a total of ₹15 lakh were distributed across various categories.

(Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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