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    Congress claims US trade deal has become an 'ordeal', Rahul says 'PM compromised'
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February 21, 2026
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Presidential tariff authority reversed, trade deal's tariff basis challenged; India-US agreement's viability questioned, prompting political backlash domestically.
Following a judicial curtailment of presidential power to impose global tariffs under emergency authority, the US administration invoked an alternative statute to impose a temporary import surcharge to preserve an existing India-US interim trade framework; this shift alters the tariff basis of the deal and raises questions about the surcharge's applicability to India and the deal's implications for market access, subsidy withdrawal, agricultural protections, energy security, and data safeguards.
February 21, 2026
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Presidential tariff authority limited by court; administration seeks alternative statutory paths to maintain import duties, prolonging business uncertainty.
The Supreme Court ruled the president lacked authority under the emergency-powers framework to impose import tariffs, voiding tariffs imposed on that basis while leaving open the administration's use of other statutory authorities to impose duties; the decision narrows one executive route for tariffs but creates complex refund and recovery issues and leaves many existing tariffs under different authorities intact.
February 21, 2026
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Separation of powers affirmed: Presidential global tariffs invalidated, reaffirming that only Congress may impose taxes.
A Supreme Court decision concluded that broad presidential global tariffs exceeded executive authority by encroaching on Congress's exclusive power over taxation; counsel for small businesses argued the levies operated as taxes imposed without congressional authorization, framing the dispute as a structural separation of powers issue and reaffirming that only Congress can impose taxes.
February 21, 2026
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Invalidation of emergency tariff authority leaves collected import duties subject to refund and protracted litigation.
The Supreme Court held the International Emergency Economic Powers Act did not authorize presidential tariffs, leaving collected import duties unlawful but not prescribing a refund mechanism. Administration of refunds will likely involve the customs agency, specialised trade tribunals and lower courts, utilising or adapting existing duty correction procedures, and is expected to produce prolonged, multi jurisdictional litigation as importers seek recovery while consumers face evidentiary obstacles to claiming pass through losses.
February 21, 2026
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KYC/KYB compliance automation expands: AI platform streamlines MSME due diligence, risk screening and faster onboarding for lenders.
An AI-powered KYC/KYB platform automates entity and individual due diligence and compliance for the BFSI sector, centralising MSME discovery and risk evaluation via a large multi-source data lake. It supports onboarding, underwriting, GTM optimisation and credit decisioning by converting fragmented business information into actionable intelligence. The system enables scaled lead generation, automated due diligence, and extensive sanction and litigation screening to bolster anti-money laundering controls, and provides a Model Context Protocol allowing configurable AI agents and custom model integration to align with institutional policies.
February 21, 2026
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Temporary import surcharge lowers reciprocal US tariff on Indian goods following legal limitation on presidential tariff powers
A presidential proclamation imposes a temporary import surcharge of ten per cent ad valorem, effective February 24, 2026, applied in addition to existing Most Favoured Nation duties; this replaces prior broader reciprocal levies on Indian goods, while higher sectoral tariffs for specified products remain and the surcharge applies only to a portion of exports due to coverage exemptions.
February 21, 2026
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Policy repo rate unchanged; MPC retains neutral stance as inflation stays benign while growth outlook strengthens.
Under Section 45ZL the MPC's minutes record a unanimous decision to keep the policy repo rate unchanged and to retain the neutral stance after reviewing staff projections, surveys and alternative risk scenarios. The committee judged growth prospects to have strengthened while headline inflation remains benign though modestly revised upward for near quarters due mainly to precious metals; risks to the outlook are broadly balanced and policy will be guided by incoming data and the progress of transmission.
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.

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Customs & Trade

rivexa Ignites a New Era of Global Exports

February 19, 2026

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Tiruppur, Tamil Nadu, India – Business Wire India Reinforcing its vision to reshape India’s global trade landscape, rivexa hosted a landmark industry engagement- rivOlution 2026, on 10th February at the Padmashri Dr. A. Sakthivel Auditorium, Tiruppur Exporters’ Association (TEA). The event brought industry leaders together to foster dialogue on global trade, digital export ecosystems, and sustainability-driven growth.

The engagement showcased how rivexa is enabling seamless cross-border trade and expanding global market access for Indian businesses through technology-driven sourcing and financial solutions.

rivexa: Demystifying the World of Exports and Finance The session commenced with Mr. Mainak Sarkar, Marketing Head, rivexa, welcoming the industry leaders and outlining rivexa’s vision for a supplier-centric export ecosystem.

“rivOlution 2026 is not just an event, it is a conversation starter for suppliers to understand the entire ecosystem behind global exports, cross-border finance, and payment solutions. This initiative reflects rivexa’s commitment to supplier centricity, serving as a powerful platform for industry collaboration and business growth. Through rivexa, we aim to enable exporters to access global opportunities efficiently and scale with confidence,” said Mr. Sarkar.

Reinforcing rivexa’s long-term vision, Mr. Soumen Baral, Chief, rivexa, highlighted the platform’s role as a trusted partner in enabling India sourcing for global buyers and providing a transparent export ecosystem for Indian MSMEs.

“rivexa connects every stakeholder in cross-border trade- manufacturers, global buyers, quality partners, logistics service providers, financial partners- serving as a dedicated sourcing partner in India. With 500+ global buyers across categories, we enable seamless sourcing from India with a data-backed manufacturing edge over competing Asian markets. By showcasing the capabilities of manufacturers based in large clusters such as Tiruppur, rivexa builds digital credibility, visibility, and efficiency. We provide dedicated support for both sides of the supply chain- driving sustainable growth through trust, technology, and reliable execution,” said Mr. Baral.

Watch highlights from rivOlution 2026 here: [Video Link] Strengthening Global Trade Ecosystems for Indian Exporters The event featured key representatives from the Tiruppur Exporters’ Association (TEA), who shared forward-looking perspectives on strengthening India’s export ecosystem. Mr. K. M. Subramanian- President, TEA, underscored Tiruppur’s commitment to advancing its position in international trade and reinforcing its leadership as India’s leading knitwear and apparel manufacturing hub. Mr. Anand Muthuswamy- Joint Secretary, TEA, highlighted the need for stronger exporter networks, streamlined trade processes, and deeper international collaboration to drive industry growth. Mr. Periasamy S- Advisor, Sustainability, TEA, emphasized the growing importance of sustainable and responsible manufacturing in enhancing global competitiveness.

The event also featured expert sessions on financial and technological enablers of global trade. Mr. K. Rajaraman, Chairperson, International Financial Services Centres Authority (IFSCA)- GIFT City, Gujarat, shared insights on evolving cross-border finance frameworks supporting secure and efficient international transactions. Mr. Anand Chandramouli, Head of Partnerships, Glomo, highlighted innovations in cross-border payment solutions that enhance trade accessibility for exporters.

Actionable Insights for Responsible Global Trade Discussions with leading Indian exporters generated actionable insights to further strengthen rivexa’s platform capabilities and enhance international trade facilitation, with a strong emphasis on sustainability-led export growth and ESG-aligned compliance benchmarks to build resilient, future-ready supply chains.

Key conversations explored practical approaches to reducing environmental impact across export ecosystems. This included adoption of renewable energy in manufacturing, responsible and ethical sourcing, recycling and circular production models, water conservation, and the implementation of Zero Liquid Discharge (ZLD) systems.

As global markets continue to evolve, rivexa positions itself as a catalyst for advancing India’s export transformation by enabling businesses with an efficient, transparent, and digital pathway to global markets. Through rivOlution 2026, the platform aims to accelerate industry collaboration and innovation while shaping the future of responsible international trade.

About rivexa rivexa is the trusted gateway to global B2B sourcing from India, building a powerful cross-border trade ecosystem that enables Indian MSMEs to scale and compete globally. Launched in October 2023, rivexa delivers a seamless end-to-end procurement experience- supporting supplier discovery, quality assurance and production monitoring. With a growing presence in Europe, Oceania, UAE, UK, and the US, rivexa continues to strengthen India’s position as a reliable sourcing destination. With 1,500+ verified suppliers, 500+ global buyers, and 10,000+ trade enquiries, rivexa is accelerating India’s rise as a global sourcing powerhouse. It supports key sectors such as fashion & home textiles and industrial goods- positioning India as a sourcing hub and shaping the future of international commerce.

About mjunction mjunction services limited is India’s leading B2B e-commerce company, established in 2001 as a joint venture between Tata Steel and Steel Authority of India Limited (SAIL). The company provides technology-driven digital procurement, e-auction, and supply chain solutions. It enables transparent transactions, efficient sourcing, and operational optimization for businesses across industries such as steel, coal, power, and manufacturing. With a strong focus on innovation, compliance, and global market access, mjunction supports both domestic and international trade while helping organizations streamline procurement and enhance supply chain efficiency.

To View The Image, Click On The Link Below: Team rivexa at rivOlution 2026, Tiruppur Dignitaries from Tea Exporters Association at rivOlution 2026, Tiruppur (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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