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February 21, 2026
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Presidential tariff authority raised a temporary global import surcharge, altering trade deal dynamics and exemptions for critical goods.
The executive invoked trade act authority to impose a temporary global import surcharge, increasing a recently announced ad valorem levy and reserving the right to issue further legally permissible tariffs within a 150 day period; the proclamation excludes specified critical minerals, energy products, select agricultural goods, pharmaceuticals, certain electronics, passenger vehicles and aerospace products, and the surcharge is applied in addition to existing Most Favoured Nation import duties, affecting ongoing bilateral trade negotiations.
February 21, 2026
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Criminal breach of trust: bail denied due to complex fund diversion, risk of evidence tampering and undisclosed antecedents.
Refusal of bail rested on prima facie findings that the NBFC owner-director engaged in calculated, layered diversion of investor funds amounting to criminal breach of trust; investigation remained at a nascent stage with a complex money trail requiring forensic analysis and a real risk of evidence tampering, compounded by the applicant's non-disclosure of prior criminal antecedents and insufficient medical justification.
February 21, 2026
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Presidential authority on emergency economic powers challenged; administration announces higher worldwide import levies pending new tariff rules.
President announced an immediate increase in the worldwide import surcharge to a higher legally framed rate and stated the administration will determine new legally permissible tariffs; this follows a Supreme Court decision holding that reliance on IEEPA to impose sweeping duties exceeded presidential authority and has affected bilateral tariff arrangements under an interim trade framework with India.
February 21, 2026
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Presidential tariff authority to impose global import taxes expanded via executive order, with temporary duration and statutory investigations.
The President announced an increase in a global import tariff implemented by an executive order designed to bypass ordinary congressional action and operate for a limited temporary period unless extended by legislation; concurrently, the administration is pursuing additional tariff measures under federal statutes that require Commerce Department investigations and administrative determinations.
February 21, 2026
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Presidential tariff authority contested; executive order raises global import tariff after review of recent legal limitation.
After a judicial ruling that his emergency powers did not authorize sweeping tariffs, the President signed an executive order bypassing Congress to impose a temporary global import tax limited to 150 days unless extended by legislation; following review of the court decision he announced an upward adjustment to the proposed global tariff rate.
February 21, 2026
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Reciprocal tariffs: leaders agree to study implications and adopt a wait-and-watch approach while boosting strategic trade ties.
Discussion focused on the trade-policy implications of a major US decision affecting reciprocal tariffs, with both leaders adopting a "wait-and-watch" posture to study potential US administrative responses. Parallel measures included a pact on critical minerals to build resilient supply chains, a joint digital partnership declaration, and multiple MoUs covering mining, MSMEs, healthcare, defence maintenance cooperation, and technology and energy collaboration.
February 21, 2026
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Tariff invalidation prompts review of affected duties, potential refund claims, and continued uncertainty from proposed new tariff measures.
Invalidation of certain executive-era import duties removes the legal basis for specified tariff measures and creates potential refund claims by importers and foreign suppliers, while other tariffs tied to distinct statutory or product-specific authorities remain in force. Governments and businesses must distinguish between invalidated and continuing duties when reviewing compliance, pursuing restitution, and adapting contractual and supply chain plans amid the added uncertainty of proposed new tariff measures under alternative rules.
February 21, 2026
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Trade agreement criticised as threatening farmers' livelihoods and spurring nationwide farmer protests and political agitation.
The state Congress contends the interim Indo US trade agreement will expose Indian farmers to damaging import competition-particularly in soybean and cotton-depress domestic prices, threaten small traders and related industries, and amount to a surrender of national agricultural interests. It has announced coordinated protests and gatherings (Kisan Sammelans, chaupals, marches) in Bhopal, Budhni and Vidisha, blaming the Union Agriculture Minister for failing to defend farmers and urging mobilisation to protect rural livelihoods.
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.
A temporary import surcharge has been proclaimed under Section 122 of the Trade Act of 1974 as a time limited global ad valorem levy effective February 24, operating in addition to existing MFN and import duties and excluding specified products. The measure alters the tariff calculus for India by reducing the immediate reciprocal tariff burden relative to prior higher levies while creating uncertainty about post period tariffs; the Indian government is studying implications as bilateral trade talks continue and stakeholders call for renegotiation and sectoral protections.
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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Trade Agreement Suspension: call to halt and renegotiate interim India-US deal to protect farmers after US tariff invalidation.
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.
February 21, 2026
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Customs port status enables Jalna dry port to commence import-export operations after award of long-term operating mandate.
The National Highway Authority accepted Vikas Coal and Minerals Pvt. Ltd.'s bid to operate the Jalna Dry Port under a long-term operating mandate, subject to completion of administrative approvals and bank guarantee formalities; the operator will pay an annual, turnover-based fee. The facility has received customs port status, enabling import-export and customs processing, and essential infrastructure including a cargo terminal and a dedicated rail connection is operational, supporting imminent commencement of operations.
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.
The government is assessing recent developments on US tariff measures after a judicial decision and an executive statement, and is studying announced administrative steps to evaluate implications for trade policy, tariff administration, and customs procedures.
February 21, 2026
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Global tariffs may trigger market sell-offs, increasing interest in presale crypto assets with perceived volatility protection.
Announcement of renewed global tariffs and the Supreme Court's limitation on tariff authority are presented as macro drivers likely to increase market volatility, prompting traders to seek presale tokens. The article promotes DeepSnitch AI-citing reported presale funds raised, a preview of a dashboard powered by five AI agents, and an LLM-style DYOR risk-assessment tool-as a presale asset positioned to mitigate short-term swings; it contrasts this with BNB and XRP, which show modest recoveries but remain vulnerable to downside scenarios.
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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Customs & Trade

Trump now hikes global tariffs 15 pc, up from 10 pc; US to announce new levies soon

February 21, 2026

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New York/Washington, Feb 21 (PTI) US President Donald Trump on Saturday said he is raising, effective immediately, worldwide tariff rates on countries from 10 per cent to the “legally tested” 15 per cent.

The US president also slammed Friday's Supreme Court verdict that had quashed the sweeping levies imposed by him last year.

With the earlier announced tariff rate of 10 per cent to be applicable on countries around the world, Indian goods being imported into the US would no longer have been subjected to the 18 per cent tariff rate that had been decided following the announcement of a framework for an Interim Agreement on trade between India and the US. But that would change now with the new announcement of the 15 per cent tariff rates.

Trump said in a post on his social media that his decision to hike the tariffs to 15 per cent from Friday's 10 per cent was based “on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court.” “... please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been “ripping” the US off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” Trump said in a post on Truth Social.

“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again!!!,” he added.

In a major setback to Trump’s pivotal economic agenda in his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, on Friday ruled that the tariffs imposed by Trump on nations around the world were illegal and that the President had exceeded his authority when he imposed the sweeping levies.

In a 6-3 vote on Friday, the judges found that the International Emergency Economic Powers Act (IEEPA) does not authorise the imposition of duties. Justices Clarence Thomas, Samuel A. Alito Jr. and Kavanaugh dissented in the court's decision. Justice Brett Kavanaugh US Supreme Court referred to the tariffs imposed on India for Russian oil purchases in his dissenting opinion.

Shortly after the verdict, Trump had issued a proclamation titled ‘Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems’, that imposed, for a period of 150 days, a “temporary import surcharge of 10 per cent ad valorem” on articles imported into the United States, effective February 24, 2026.

With his Truth Social post, that rate now stands at 15 per cent, dealing another chaotic decision on imports to countries and allies around the world, who are closely monitoring the erratic changes in tariff rates by the US and attempting to factor them in their trade with Washington.

India too faces a lower tariff rate of 10 per cent, down from 18 per cent, after Trump announced a new global levy on items imported into America in the wake of the Supreme Court verdict against his sweeping tariffs.

Earlier this month, as the US and India announced they reached a framework for an Interim Agreement on trade, Trump issued an Executive Order removing the 25 per cent punitive tariffs imposed on India for its purchases of Russian oil, with the US President noting the commitment by New Delhi to stop directly or indirectly importing energy from Moscow and purchasing American energy products.

Under the trade deal, Washington would charge a reduced reciprocal tariff on New Delhi, lowering it from 25 per cent to 18 per cent. PTI YAS NPK NPK

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