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February 21, 2026
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Temporary import surcharge alters global trade rules, reshaping US-India tariff calculus and prompting reassessment of bilateral negotiations.
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February 21, 2026
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Preferential trade agreement expansion aims to broaden tariff coverage and deepen investment, technology and critical minerals cooperation India Mercosur
Expansion of the India Mercosur preferential trade agreement aims to convert a limited pact covering 450 tariff lines into a full agreement to improve market access, grow bilateral investment and foster technology partnerships. The parties set an enhanced annual trade target and signed a cooperation pact on critical minerals to support downstream processing and collaboration. Priority sectors include defense, energy and renewables, agri and agrochemicals, health and pharma, aerospace, automotive, semiconductors and digital technology, alongside measures to attract investment and ease business through visa facilitation and domestic reforms.
February 21, 2026
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The article demands suspension and renegotiation of the interim India-US trade framework to protect farmers, asserting the Framework cannot be implemented following judicial invalidation of presidential tariff powers and the administration's subsequent reliance on alternative tariff measures; it requires the government to commit to no import liberalisation on agricultural products, to review the agreement's haste and sustainability, and to safeguard non tariff protections and domestic livelihoods pending clarifications.
February 21, 2026
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Trade tariff changes threaten agricultural export competitiveness and expose domestic farmers to cheaper foreign imports.
An interim trade agreement reduces previously higher reciprocal US duties on Indian imports to a lower tariff level while lowering or eliminating duties on certain US agricultural imports into India, a realignment presented as likely to raise prices of Indian farm exports in the US and to increase competitiveness of US products domestically, threatening export opportunities for maize, soybean, dairy, peanut and cotton producers and exposing domestic farmers to cheaper US imports.
February 21, 2026
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Pharma exports: government and industry focus on market access and trade engagement to boost competitiveness and growth.
The commerce ministry and industry discussed measures to sustain and accelerate pharmaceutical exports, focusing on enabling conditions, resolving trade bottlenecks, and coordinated engagement with exporters, regulators, and Indian Missions. Strategic trade engagements with major partners were identified to improve market access, competitiveness, and regulatory compliance, supporting industry aims for double-digit expansion.
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Customs port status enables Jalna dry port to commence import-export operations after award of long-term operating mandate.
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February 21, 2026
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Presidential tariff authority curtailed; temporary import surcharge imposed alters bilateral tariff treatment and prompts trade talks.
Presidential tariff authority was found to have been exceeded when broad import levies were imposed; an executive proclamation subsequently announced a temporary import surcharge that modifies effective tariffs and operates in addition to existing MFN or import duties, prompting review of legal and commercial consequences and informing ongoing bilateral trade negotiations.
February 21, 2026
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Tariff ruling prompts government review of international trade measures and potential policy implications for exporters and customs operations.
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February 21, 2026
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February 21, 2026
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Withdrawal from Rule 14A registration: online opt out with Aadhaar authentication and specified return conditions required.
Enables electronic withdrawal from Rule 14A by filing Form GST REG-32 on the GST Portal: eligible active taxpayers must select the opt out option, state a reason, and complete Aadhaar authentication for the primary authorised signatory and at least one promoter/partner; ARN is issued only after successful authentication. Filing requires meeting return filing preconditions and completion of draft submission and authentication within specified timelines. While REG 32 is pending, certain amendments and self cancellation are barred. After issuance of Form GST REG-33, taxpayers must report output tax liability on supplies to registered persons exceeding the prescribed threshold.
February 21, 2026
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Trade tariffs: US issues new global import levy after court ruling, altering reciprocal duties and exporter compliance obligations.
The Supreme Court's invalidation of the prior tariff framework prompted an executive proclamation establishing a new global import surcharge, producing a uniform temporary levy that recalibrates reciprocal duties on foreign exporters and requires exporters and advisors to reassess customs, contractual and compliance implications under the revised tariff regime.
February 21, 2026
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Reciprocal tariffs transformed into temporary import surcharge, altering tariff exposure and prompting reassessment of bilateral trade concessions.
The US proclamation replaces varied reciprocal tariffs with a uniform temporary import surcharge of 10 per cent ad valorem applied in addition to MFN duties on goods previously covered under reciprocal tariffs. Indian exports will therefore bear MFN duties plus the temporary surcharge rather than the earlier country specific reciprocal or punitive levies; certain sectoral tariffs remain in force and specified categories of goods are exempted from the temporary surcharge. The change is contemporaneous with negotiations on an initial bilateral trade agreement, prompting a reevaluation of tariff concessions.
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DGCI&S has revised the merchandise trade indices to base FY 2022-23 to reflect current trade composition, updating commodity baskets and month-specific weights based on base-year trade values. The revised series incorporates monthly, quarterly and annual Export/Import Unit Value and Quantity Indices, Principal Commodity, SITC and BEC classifications, bilateral and region-wise indices for top partners, and Gross, Net and Income Terms of Trade. Methodological refinements cover common commodity-basket selection, imputation of missing unit values and Laspeyres-type weighted averaging; comparability is meaningful mainly for same-month comparisons across years. Detailed methods and data will be published by DGCI&S.
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February 21, 2026
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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.
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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.
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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.

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Murky outlook for businesses after tariff ruling prompts countermoves by Trump

February 21, 2026

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New York, Feb 21 (AP) Businesses face a new wave of uncertainty after the Supreme Court struck down tariffs imposed by President Donald Trump under an emergency powers law and Trump vowed to work around the ruling to keep his tariffs in place.

The Trump administration says its tariffs help boost American manufacturers and reduce the trade gap. But many US businesses have had to raise prices and adjust in other ways to offset higher costs spurred by the tariffs.

It remains to be seen how much relief businesses and consumers will actually get from Friday's ruling. Within hours of the court's decision, Trump pledged to use a different law to impose a 10 per cent tariff on all imports that would last 150 days, and to explore other ways to impose additional tariffs on countries he says engage in unfair trade practices.

“Any boost to the economy from lowering tariffs in the near-term is likely to be partly offset by a prolonged period of uncertainty,” said Michael Pearce, an economist at Oxford Economics. “With the administration likely to rebuild tariffs through other, more durable, means, the overall tariffs rate may yet end up settling close to current levels.” Efforts to claw back the estimated USD 133 billion to USD 175 billion of previously collected tariffs now deemed illegal are bound to be complicated, and will likely favour larger companies with more resources. Consumers hoping for a refund are unlikely to be compensated.

The fight against tariffs continues ------------------------------------- With Trump's unyielding position on tariffs, many business are braced for years of court battles.

Basic Fun, a Florida-based maker of toys such as Lincoln Logs and Tonka trucks, last week joined a slew of other businesses in a lawsuit seeking to claw back tariffs paid to the government.

While company CEO Jay Foreman is concerned about any new tariffs Trump may impose, he doesn't think they will affect toys. Still, he said, “I do worry about some type of perpetual fight over this, at least for the next three years.” The new 10 per cent tariff Trump announced Friday immediately raised questions for Daniel Posner, the owner of Grapes The Wine Co., in White Plains, New York. Since wine shipments take about two weeks to cross the Atlantic, he wonders if a shipment arriving Monday will be affected.

“We're reactive to what's become a very unstable situation,” Posner said.

Ron Kurnik owns Superior Coffee Roasting Co. in Sault Ste. Marie, Michigan, across the border from Canada. In addition to US tariffs, Kurnik faced retaliatory tariffs from Canada for much of last year when he exported his coffee.

“It's like a nightmare we just want to wake up from,” said Kurnik, whose company has raised prices by 6 per cent twice since the tariffs went into effect. While he's pleased with the Supreme Court's ruling, he doesn't think he will ever see a refund.

Industries pine for more stability ------------------------------------ A wide array of industries, including retail, tech and the agricultural sector, used the Supreme Court ruling as an opportunity to remind Trump of how his trade policies have affected their businesses.

The Business Roundtable, a group that lobbies on behalf of more than 200 US companies, released a statement encouraging the administration to limit the focus of tariffs going forward to specific unfair trade practices and national security concerns.

In the retail industry, stores of all stripes have embraced different ways to offset the effects of tariffs — from absorbing some of the costs themselves, to cutting expenses and diversifying their supply network.

Still, they have had to pass on some price increases at a time when shoppers have been particularly sensitive to inflationary pressures.

Dave French, executive vice president of government relations for The National Retail Federation, the nation's largest retail industry trade group, said he hoped lower courts would ensure “a seamless process” to refund tariffs. That issue wasn't addressed in Friday's ruling.

For the technology sector, Trump's tariffs caused major headaches. Many of its products are either built overseas or depend on imports of key components. The Computer & Communications Industry Association, which represents a spectrum of technology companies employing more than 1.6 million people, expressed hope that the decision will ease the trade tensions.

"With this decision behind us, we look forward to bringing more stability to trade policy,” said Jonathan McHale, the association's vice president for digital trade.

Farmers, who have been stung by higher prices for equipment and fertilizer since the tariffs went into effect, and reduced demand for their exports, also spoke out.

“We strongly encourage the president to avoid using any other available authorities to impose tariffs on agricultural inputs that would further increase costs,” said American Farm Bureau Federation President Zippy Duvall.

Industries that aren't feeling any relief ------------------------------------------- The Supreme Court ruled 6-3 that the International Emergency Economic Powers Act did not give the president authority to tax imports, a power that belongs to Congress. But the decision only affects tariffs imposed under that law, so some industries will see no relief at all.

The decision leaves in effect tariffs on steel, upholstered furniture, kitchen cabinets and bathroom vanities, according to the Home Furnishings Association, which represents 15,000 furniture stores in North America.

At Revolution Brewing in Chicago, the aluminum they use for cans costs as much as the ingredients that go inside them because of tariffs Trump has placed on metals that are not affected by the Supreme Court ruling. While the cans are made in Chicago, the aluminum comes from Canada, said Josh Deth, managing partner at the brewery.

Tariffs have been just one challenge for his business, which is also affected by volatile barley prices and a slowdown in demand for craft beer.

“Everything kind of adds up,” he said. “The beverage industry needs relief here. We're getting crushed by the prices of aluminum.” Reaction overseas --------------------- Italian winemakers hard-hit by the tariffs greeted the Supreme Court decision with scepticism, warning that the decision may just deepen uncertainty around trade with the US.

The US is Italy's largest wine market, with sales having tripled in value over the past 20 years. New tariffs on the EU, which the Trump administration initially threatened would be 200 per cent, had sent fear throughout the industry, which remained even after the US reduced, delayed and negotiated down.

“There is a more than likely risk that tariffs will be reimposed through alternative legal channels, compounded by the uncertainty this ruling may generate in commercial relations between Europe and the United States,” said Lamberto Frescobaldi, president of UIV, a trade association that represents more than 800 winemakers.

Elsewhere in Europe, initial reaction focused on renewed upheaval and confusion regarding costs facing businesses exporting to the US.

Trump's tariffs could hit pharmaceuticals, chemicals and auto parts, said Carsten Brzeski, an economist at ING bank. “Europe should not be mistaken, this ruling will not bring relief," he said. "The legal authority may be different, but the economic impact could be identical or worse.” (AP) GSP

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