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February 21, 2026
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Constitutional limits on presidential tariff power overturned global tariffs, reshaping the interim India-US trade deal consequences.
The US Supreme Court invalidated the President's global tariffs imposed under emergency powers, finding tariff authority lies with Congress; the decision undercuts executive unilateral tariff measures. The India-US interim agreement saw an Executive Order lifting prior punitive tariffs in return for India's energy purchasing commitments, and a reduced reciprocal tariff rate was agreed. Indian political opposition alleges the deal's timing reflected executive haste that risked sovereign bargaining leverage and domestic agricultural interests.
February 21, 2026
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Presidential tariff authority curtailed; temporary global import duty imposed to rebalance trade while India trade framework remains intact.
The Supreme Court held that the President exceeded authority in imposing sweeping tariffs; in response the President signed a Proclamation imposing a temporary import duty to address international payments problems and rebalance trade relationships, effective on a specified date for a limited period. The President stated that an interim trade framework with India remains in place, removing certain punitive tariffs on India under an Executive Order while asserting India will assume tariff obligations under the bilateral arrangement.
February 21, 2026
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Emergency powers tariffs invalidation prompts presidential denunciation of justices and raises separation of powers and institutional independence debate.
Six justices invalidated presidential global tariffs imposed under an asserted emergency powers statute, framing the central legal question as the permissible scope of executive authority to impose trade restrictions without clear congressional authorization, and the litigation tested statutory delegation, administrative action in the trade context, and judicial review of national-security framed economic measures.
February 21, 2026
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Emergency power limits prompt alternative executive tariff action, raising concerns about agriculture costs and trade uncertainty.
The Supreme Court invalidated a presidential tariff framework as an unlawful exercise of emergency power, leading the president to announce use of alternative executive authority to impose a temporary global tariff. Stakeholders warned that further tariff actions or use of other authorities would increase agricultural input costs and create trade uncertainty, while business groups said ties with trade partners remain intact despite the disruption.
February 21, 2026
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Presidential emergency powers curtailed as court invalidates broad tariffs imposed under IEEPA, overturning central global levies.
The Supreme Court found the President exceeded authority under the International Emergency Economic Powers Act by using IEEPA to impose broad tariffs, invalidating core IEEPA-based measures including the Liberation Day global tariff framework and subsequent trafficking and country-specific levies on Canada, Mexico, China, Brazil and India; sectoral and non-IEEPA tariffs remain in place while the executive considers alternative measures.
February 21, 2026
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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
Show AI Summary
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
Show AI Summary
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.

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Customs & Trade

Indo US Bio-Tech Limited to invest Rs.71.51 crore in Agricultural Innovation and Research and Development by 2030-31

February 18, 2026

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New Delhi [India], February 18: Ahmedabad-based Indo US Bio-Tech Limited (BSE: 541304 NSE: INDOUS) is a leading company engaged in developing high-quality seeds through research and development. The company has released its investment roadmap up to 2030-31. It will invest Rs. 71.51 crore in agricultural innovation and research & development by 2030-31. A brief outline of the company’s roadmap is given below. Establishment of Seed Processing Plant (2026-27): In 2026-27, the company will invest more than Rs. 25 crore on 100 acres of land for R&D. For a controlled environment, it will establish a high-tech greenhouse on 1 acre of land with an investment of more than Rs. 5 crore. Similarly, the company will set up a net house on 3 acres of land with an investment of more than Rs. 75 lakh.

The company will also establish a 5000 square feet seed processing plant. More than Rs. 75 lakh will be invested in plant infrastructure. Rs. 1.25 crore will be invested in seed processing machinery.

• Focus on Seed Export (2026-27): During this period, the company will focus on seed exports. It will strategically expand into the US markets and undertake direct marketing expansion in Africa. The company will invest Rs. 5.70 crore to enter the US market, completing export licensing and documentation processes. An estimated annual growth of 12 percent is projected from this expansion. The revenue target for 2027-28 is Rs. 10.00 crore.

Additionally, the company will develop the African market with an investment of Rs. 5.60 crore, focusing on Kenya, Nigeria and Ghana. An annual growth of 15 percent is projected from this region, with a revenue target of Rs. 8.00 crore by 2027-28.

Thus, the company will focus on exports with a total investment of Rs. 11.30 crore. Break-even is expected by 2027-28 with an estimated initial profit margin of 25 percent. By 2035-36, combined revenue is projected to reach Rs. 49.17 crore.

Key implementation timeline: 2025-26: Export licenses and partnerships with African countries.

2026-27: Pilot marketing and initial exports.

2027-28: Full-scale operations begin.

• Establishment of a new Groundnut Seed Plant in Joint Venture (2026-27): The company will establish a new groundnut seed plant through a joint venture with an investment of Rs. 15 crore. A joint venture with 50 percent participation will be formed for processing and packaging. In 2026-27, the total company investment will be Rs. 59.55 crore.

• Tomato R&D Project (2027-28): In the first year, the company will invest Rs. 50 lakh in laboratory setup and genetic screening. In the second year, more than Rs. 75 lakh will be invested in breeding and field trials, along with resistance testing. In the third year, Rs. 1 crore will be invested in molecular studies and trials. Gene testing and advanced trials will be conducted. In the fourth year, Rs. 1.25 crore will be invested in large-scale trials and farmer feedback collection. In the fifth year, Rs. 1.50 crore will be invested in launching seeds in the market and providing farmer training.

This is a five-year project to develop disease-resistant tomato varieties with a total budget of more than Rs. 5 crore. The company expects to develop 2-3 resistant varieties and reduce yield loss by 25-40 percent.

• Bottle Gourd and Chilli R&D Project (2028-29): In the first year of the bottle gourd R&D project, more than Rs. 22 lakh will be invested in lab setup, screening and germination collection. In the second year, more than Rs. 28 lakh will be invested in hybridization, cross-breeding, field trials and disease testing. In the third year, more than Rs. 35 lakh will be invested in advanced trials including multi-location and pre-commercial trials. In the fourth year, sales of bottle gourd seeds will begin, with more than Rs. 40 lakh invested in full-scale production, marketing and farmer training. Total investment in the bottle gourd R&D project is estimated at more than Rs. 1.25 crore.

Under the chilli R&D project, in the first year the company will invest more than Rs. 35 lakh in collection and screening, germplasm collection, laboratory screening and marker identification. In the second year, Rs. 50 lakh will be invested in cross-breeding, marker validation and multi-location trials. In the third year, more than Rs. 60 lakh will be invested in advanced testing, germplasm improvement and pre-commercial seed launch. In the fourth year, full-scale seed production will begin with Rs. 70 lakh invested in marketing. Total investment in the comprehensive four-year chilli R&D project is estimated at Rs. 2.15 crore.

• Increase in Processing Plant Capacity (2029-30): During this period, the company will purchase state-of-the-art machinery for increased production capacity, install advanced sorting machines for maximum efficiency and expand facility space.

Through this implementation approach, the company will achieve comprehensive facility modernization. Each phase builds upon the previous one, ultimately resulting in a fully optimized processing plant. Total investment for 2028-29 is estimated at Rs. 5 crore.

8 Brinjal R&D Project (2029-30): Under the brinjal research and development project, in the first year the company will invest Rs. 50 lakh in germplasm collection, disease screening and laboratory setup for molecular breeding. In the second year, more than Rs. 65 lakh will be invested in molecular marker-assisted breeding and bacterial wilt resistance testing. In the third year, more than Rs. 60 lakh will be invested in advanced multi-location trials and Phomopsis blight resistance validation. In the fourth year, brinjal seeds will be commercialized with more than Rs. 70 lakh invested in full-scale production and farmer training programs.

The project focuses on developing high-yield hybrid varieties resistant to bacterial wilt, Phomopsis blight and fruit and shoot borer. A 50-60 percent improvement in yield is expected for farmers.

Total investment in the four-year development cycle is estimated at more than Rs. 2.65 crore. Revenue of more than Rs. 31.25 crore is targeted by the sixth year of the project.

• Tomato Seed R&D Project (2030-31): Under the two-year structured initiative, the company will work on five key stages including planning, laboratory analysis, product development, testing and commercialization. Total investment in infrastructure, human resources, materials, testing and marketing is estimated at Rs 2.69 crore. The project aims to transform tomato seeds into innovative health and agricultural solutions through nutrient extraction and sustainable methods.

In conclusion, the company will invest Rs. 71.51 crore in various agricultural innovation and research & development projects by 2030-31. This is expected to drive revenue growth, profitability and market expansion. The company management anticipates strong performance supported by improved operational efficiency and strategic growth in both domestic and international markets, with profit margins steadily increasing and potentially reaching up to 70 percent.

Note: Timelines of all projects may change or be adjusted based on seasonal weather patterns and agricultural conditions.

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

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