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    The Latest: Trump addresses press after Supreme Court strikes down his sweeping tariffs
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    Trump says he'll sign executive order to enact 10 per cent global tariff after US Supreme Court defeat,
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February 21, 2026
Show AI Summary
Executive emergency tariff authority limited, prompting administration to pursue alternative statutory bases for imposing tariffs.
The Supreme Court concluded that the Constitution vests the taxing power in Congress and that the emergency statute invoked by the Executive does not authorize imposition of tariffs as revenue measures, constraining executive emergency tariff authority; the administration plans to rely on alternative statutory bases to replace the invalidated tariffs.
February 21, 2026
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Tariff policy remains central as the India trade arrangement continues despite judicial limits on tariff authority.
President Trump stated the bilateral trade arrangement with India remains in effect after the Supreme Court invalidated his broad tariffs, noting an Executive Order rescinded punitive tariffs on Indian oil imports from Russia and an Interim Agreement framework reduces reciprocal U.S. tariff treatment toward India while maintaining tariffs on Indian imports under the new terms; he framed tariffs as leverage for energy-sourcing commitments and de-escalation between India and Pakistan.
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
Show AI Summary
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
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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.

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February 13, 2026

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New Delhi, Feb 13 (PTI) Following are the top stories at 9 pm: NATION DEL41 PM-LD BANGALDESH (4.03 PM)

PM Modi speaks to Bangladesh leader Tarique Rahman; congratulates on BNP's poll victory New Delhi: Prime Minister Narendra Modi on Friday spoke to Bangladesh Nationalist Party (BNP) leader Tarique Rahman on his party's victory in the neighbouring country's parliamentary elections and extended India's continued commitment to the peace, progress and prosperity of the people of both countries.

DEL44 BANGLA-ELECTIONS-EX ENVOYS (4.21 PM)

Good news for Bangladesh: Strategic affairs experts on poll results in neighbouring country New Delhi: A positive turn is likely in the ties between India and Bangladesh after a period of more than 18 months that saw the relations being marred by frostiness, as Bangladesh Nationalist Party (BNP) is set to secure a clear mandate in the neighbouring country's election, strategic affairs experts said on Friday.

DEL35 PM-LD SEVATEERTH (3.46 PM)

PM Modi shifts to new office at Seva Teerth, takes decisions for welfare of farmers, women New Delhi: Prime Minister Narendra Modi on Friday shifted to his new office Seva Teerth from the colonial-era South Block building near Rashtrapati Bhavan on Raisina Hill.

DEL97 RAHUL-FARMERS-2NDLD TRADE DEAL (8.48 PM)

Rahul meets farm union leaders, launching movement against India-US trade deal discussed New Delhi: Leader of Opposition in the Lok Sabha Rahul Gandhi met farm union leaders from across the country in the Parliament House complex on Friday and discussed with them the need for a countrywide movement to oppose the India-US interim trade deal as well as safeguarding the livelihoods of farmers and farm labourers.

CAL27 BH-PAPPU-YADAV (8.26 PM)

Pappu Yadav walks out of jail, says grateful to judiciary for separating truth from lies Patna: Independent MP Pappu Yadav, who was arrested last week in a three-decade-old case, walked out of jail on Friday after being granted bail by a Patna court.

DEL60 CONG-POLLUTION-CHOUHAN (6.10 PM)

Cong cites agri minister's remarks on stubble burning, says 'vilification of farmers' must stop New Delhi: Congress leader Jairam Ramesh on Friday cited Agriculture Minister Shivraj Singh Chouhan's remarks that studies have established that stubble burning contributes no more than 5 per cent to pollution in Delhi-NCR, to hit out at the environment ministry, and asserted that the "vilification of farmers" must stop.

DEL93 CONG-LD PURI (8.11 PM)

Epstein files: Cong seeks Union minister Hardeep Puri's resignation, party MPs protest in Parliament New Delhi: The Congress on Friday demanded Union minister Hardeep Singh Puri's resignation as his name figures in the "Epstein files" released in the United States and asked on whose behalf was he interacting with Jeffrey Epstein, who was convicted for sexual crimes with children.

DEL49 ADR-ELECTORAL BOND (5.00 PM)

BJP got 82 pc of Rs 3,826 crore disbursed by electoral trusts in 2024-25: ADR New Delhi: Electoral trusts received Rs 3,826.34 crore in contributions in Financial Year 2024-25 and disbursed Rs 3,826.35 crore to political parties, with the BJP receiving more than 82 per cent of the funds, the Association for Democratic Reforms (ADR) said on Friday.

LEGAL LGD24 SC-SPECTRUM-IBC (7.23 PM)

Spectrum allocated to telcos not asset, can't be subjected to insolvency process: SC New Delhi: In a landmark decision, the Supreme Court on Friday held that the spectrum allocated to telecom service providers is not an asset to be subjected to proceedings under the Insolvency and Bankruptcy Code.

LGD28 DL-COURT-BLAST (7.55 PM)

Red Fort blast: Court grants 45 more days to NIA to conclude investigation New Delhi: A Delhi court on Friday granted 45 more days to the National Investigating Agency (NIA) to conclude its probe in connection with a blast near the Red Fort here on November 10, 2025.

BUSINESS DEL51 BIZ-FOREX (5.13 PM)

India's forex reserves drop USD 6.7 bln to USD 717.06 bln Mumbai: India's forex reserves dropped by USD 6.711 billion to USD 717.064 billion during the week ended February 6, the RBI said on Friday.

DEL46 BIZ-WHEAT-EXPORT (4.45 PM)

Govt approves 25 lakh tons of wheat exports New Delhi: The government on Friday allowed export of 25 lakh tonnes of wheat, along with an additional 5 lakh tonnes of wheat products and sugar each, to stabilise domestic markets and ensure remunerative returns to farmers amid a comfortable stock position.

FOREIGN FGN13 UN-INDIA-JEM (9.19 PM)

UNSC panel notes Pak-based terror group JeM's reported link to Red Fort attack United Nations: A report by the UN Security Council sanctions monitoring team has noted that Pakistan-based terror group Jaish-e-Mohammed was reported to be linked to a terror attack on the Red Fort in New Delhi last November that killed 15 people. By Yoshita Singh

FGN37 BANGLA-LDALL ELECTIONS (7.32 PM)

BNP secures landslide victory; set to return to power after two decades Dhaka: The Bangladesh Nationalist Party (BNP) on Friday secured a sweeping victory with more than two-thirds majority in the landmark parliamentary elections and is making a spectacular return to power after a gap of two decades.

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