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    The Supreme Court struck down some of Trump's most sweeping tariffs; Which levies are impacted?
    '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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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.
February 20, 2026
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Investor verification: public SEBI Check awareness activation promotes verification-first behaviour to reduce fraud and strengthen investor protection.
SEBI Check is a verification mechanism to confirm whether market entities are registered with the regulator, aimed at reducing impersonation and unregistered advisory fraud by promoting verification before investing. NSDL has advanced this objective through behavioural investor education-digital content, transit-led campaigns, and on-ground activations-culminating in a flash mob at Priya High Street that reinforced the green triangle thumbs-up symbol as a trust marker and used public-space storytelling to drive symbol recall and verification-first behaviour.
February 20, 2026
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Trade agreements to reduce market barriers, spurring GCC expansion and materially boosting Grade A office demand in India.
Bilateral trade agreements with major partners are expected to reduce market barriers and tariffs, incentivizing multinational firms to expand India-based GCCs into higher value functions and thereby materially increase Grade A office demand across the top seven Indian markets; Colliers projects GCCs could account for a substantial share of future leasing while noting that benefits depend on finalisation and implementation of agreement details.

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Customs & Trade

West Midlands announces 'A mission to seize the moment' to India during the Year of the Free Trade Agreement

February 16, 2026

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• The UK's Mayoral-led mission to India – the first of 2026 – to strengthen economic and cultural ties between West Midlands and Indian subregions. • Trade mission to Ahmedabad, Mumbai and Bengaluru from 23rd to 27th February follows recent signing of UK-India Free Trade Agreement. • Official trade mission partners include Aston University, Birmingham City University (BCU), energy provider E.ON, GEDU Global Education, University of Birmingham and University of Warwick. BIRMINGHAM, England, Feb. 16, 2026 /PRNewswire/ -- From 23rd to 27th February 2026, Richard Parker, Mayor of the UK's West Midlands region is set to lead a strategic trade mission to Ahmedabad, Mumbai and Bengaluru, building on the historic UK-India Free Trade Agreement signed in July 2025. The mayoral-led mission to India – the first from the UK in 2026 – aims to strengthen economic and cultural ties between the two markets and forge valuable partnerships for the benefit of the region's universities, businesses and communities. It will also deepen political engagement with key national and state-level leaders, reinforcing the West Midlands' role as a trusted long-term partner for India. As well as promoting new job creation the mission aims to affirm the region – including the flagship West Midlands Investment Zone – as an advantageous location for innovative Indian businesses looking to expand. It will also facilitate strategic engagement with Indian travel trade agents and tour operators, cement cultural ties and celebrate cultural exchange, as India gears up to host the 2030 centenary Commonwealth Games. Led by Mayor Richard Parker, the delegation of West Midlands business, academic and political leaders will also include Dr Julie Nugent, CEO at Coventry City Council, Prof. David Mba, Vice-Chancellor at Birmingham City University and Greg Clark, Executive Chair of University of Warwick Innovation District, alongside senior representatives from the West Midlands Growth Company (WMGC) - the official investment promotion agency for the UK's West Midlands region. The official trade mission partners include Aston University, Birmingham City University (BCU), energy provider E.ON, GEDU Global Education, University of Birmingham and University of Warwick. The West Midlands Growth Company (WMGC) – in collaboration with the India Global Forum and Greater Birmingham Chambers of Commerce - has organised a series of events and meetings with senior figures from Indian businesses and institutions. These include multinational manufacturer Tata Motors, multinational technology company Infosys, motorcycle manufacturer TVS Motors and energy company Atri Energy Transition.  The West Midlands delegation will also host an event in Ahmedabad focused on "The Commonwealth Legacy", with the city set to host the 2030 Commonwealth Games and will host a number of roundtable events bringing together key industry bodies and intermediaries. These include visitor economy-focused roundtables with VisitBritain in Mumbai and Bengaluru; a roundtable with India technology trade association NASSCOM, following its Technology and Leadership Forum; a roundtable on Urban Transformation and Smart Cities with the Mumbai Metropolitan Regional Development Authority and an event on AI Skilling & the Future of Work, with the Indian Institute of Management, Bangalore.   The West Midlands has a uniquely strong cultural relationship with India, through its 'living bridge' of 276,000 ethnic Indians that live and work in the region. The two markets have strong economic links, with India representing the UK's second largest source of investment projects for six consecutive years and the West Midlands representing the UK's largest recipient of FDI projects from India outside London. The number of visits from Indian tourists to the region has grown by more than 20 per cent over the last decade and Indian visitors also spend more in the West Midlands than any English region outside of London, valuing experiences such as world-class cricket at Edgbaston and Birmingham's premium retail and dining scenes. The region is already home to some of India's biggest companies, including Tata Group, TVS, Infosys, Hexaware Technologies, Enzen Global, Suprajit Group, State Bank of India, Microland, and more recently, Firstsource and Mahindra. Richard Parker, Mayor of the West Midlands, said: "The West Midlands and India already share real strengths in manufacturing and automotive, in digital tech and in clean energy. That gives us a solid foundation to turn last year's trade deal into something that delivers here at home. "We've built a strong trading relationship with India over many years, rooted in trust and deep cultural ties across our communities. This mission is about taking that further - growing exports from West Midlands firms, attracting new investment into our towns and cities, and bringing more visitors to our region. "If we get this right, it means good jobs for local people, stronger businesses and more money going back into people's pockets across the West Midlands." Harjinder Kang, His Majesty's Trade Commissioner to South Asia & Deputy High Commissioner to Western India, said: "The economic partnership between the UK and India is at an all-time high following the signing of the landmark trade deal last year. The Mayor of West Midlands' visit to India is another strong testament to our ever-strengthening collaboration. Besides reinforcing the growing contribution of the West Midlands to the UK-India partnership, this visit will help businesses from both sides to gear-up to take advantage of the deal which will boost growth by adding billions of pounds across both economies." Further commentary from the delegation: Professor Aleks Subic, Aston University Vice-Chancellor and CEO, said:     "Aston University has a long-term commitment to education, skills, and research partnerships with India, spanning UK study pathways, high-quality transnational education in India, and collaboration with our partner universities and research institutes.    "As a central partner in the Birmingham Knowledge Quarter, Aston is also helping attract significant international investment into Birmingham and the wider West Midlands.   "This mission is a timely opportunity to showcase Birmingham as a global innovation city and to deepen collaboration with Indian industry, researchers, and policymakers on shared global challenges."  Professor David Mba, Vice-Chancellor of BCU, said:  "For Birmingham City University this mission is about strengthening mutually beneficial economic, cultural and educational links between India and the West Midlands.   "We are proud of our Birmingham roots but are always striving to reach beyond, including the deep ties we have in South Asia – thousands of our students are either from India or part of the local Indian diaspora.  "This visit will give BCU new opportunities to advance the implementation of our ambitious 2030 Strategy, including the chance to deepen collaborative research on sustainable cities and cultural exchanges through our Royal Birmingham Conservatoire."  Vijay Tank, Chief Commercial Officer at E.ON Energy Infrastructure Solutions, said:  "Local energy systems are vital in delivering the benefits of the energy transition where they are most needed. Tailoring solutions to specific areas can drive economic growth, create local jobs and skills, and attract investment and innovation where needed.  "Whether it's our Net Zero Training Academy equipping apprentices with sustainable tech skills; providing batteries that cut bills for vulnerable customers, or our strategic partnership to accelerate Coventry's clean energy future, at E.ON we are already delivering some of those very real benefits and we're well placed to champion the Mayor's ambitions for the West Midlands as well as supporting investors in the region when it comes to navigating any energy challenges."  Kevin McCole, Managing Director at GEDU Global Education, said:  "This delegation is important as India matters to the West Midlands and the West Midlands matters to India. There are strong people to people links, strong economic ties across a range of innovation-rich sectors, and deep education partnerships. We're proud to support the Mayor's mission which will bring more investment to the West Midlands, increase two-way trade, and strengthen our education partnerships."  The Rt Hon Greg Clark, Executive Chair of the University of Warwick's Innovation District, said:   "The University of Warwick has a long history of strong ties with India - from the students on campus, to our business partnerships, to our research collaborations.   "As we deepen the cultural, economic, and educational ties between Warwick, the West Midlands, and India, we will accelerate innovation, develop talent, and drive growth that will benefit us all.   "Working with the West Midlands Growth Company and our partners in India, Warwick looks forward to creating a better world together."  Notes to editors: West Midlands Growth Company The West Midlands Growth Company helps the region make its mark nationally and internationally. Its primary purpose is to attract investment, jobs, visitors and businesses to the West Midlands. The West Midlands Growth Company focuses on the WMCA geography of Greater Birmingham and Solihull, Coventry and Warwickshire, and the Black Country. Once the powerhouse of the industrial revolution, the West Midlands has evolved into a world-class and highly sought-after international business destination, with an economy worth £117bn. Situated at the heart of the UK, the region is home to three major cities (Birmingham, Coventry, Wolverhampton) and four thriving boroughs, which come together to form one of Europe's most dynamic and diverse metropolitan clusters. Photo - https://mma.prnewswire.com/media/2902991/West_Midlands.jpg' alt='Embedded Media' /> Logo - https://mma.prnewswire.com/media/2702236/5793849/WMGC_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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