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    Minutes of the Monetary Policy Committee Meeting, February 4 to 6, 2026 [Under Section 45ZL of the Reserve Bank of India Act, 1934]
    US trade deal has become an ordeal: Congress slams PM Modi
    Nothing changes, India will be paying tariffs; we will not be paying tariffs: Trump after SC ruling
    Trump seethes over Supreme Court justices who opposed him on tariffs, especially those he appointed
    The Latest: Trump says he'll sign executive order to enact 10 per cent global tariff
    Which Trump tariffs did Supreme Court strike down? Here's what to know
    The Latest: Trump addresses press after Supreme Court strikes down his sweeping tariffs
    No change in trade deal with India; it is on: Trump after SC verdict
    Trump says he used tariffs to end war between India, Pakistan as he lashes out at US Supreme Court verdict
    Trump says he'll sign executive order to enact 10 per cent global tariff after US Supreme Court defeat,
    Trump says he's 'absolutely ashamed' of US Supreme Court justices who issued 'deeply disappointing'  tariff decision
    Congress slams govt for agreeing to trade deal after US Supreme Court strikes down Trump's tariffs
    Refunds may be available on some tariffs applied to goods from India: US Chamber of Commerce after SC ruling
    What to know about the Supreme Court ruling on tariffs
    Trump's made tariffs central to his presidency, chaos may come next
    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
    Exporters hail US Supreme Court's decision on Trump tariff
    Trump has other tariff options after Supreme Court strikes down his worldwide import taxes
    SC ruling on Trump's tariffs: Judge refers to tariffs imposed on India for buying Russian oil in dissenting note
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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.
February 20, 2026
Show AI Summary
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
Show AI Summary
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.

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Customs & Trade

The Latest: Trump threatens countries to abide by tariff deals despite Supreme Court decision

February 24, 2026

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Washington, Feb 23 (AP) President Donald Trump on Monday threatened countries around the world to abide by any tariff deals they agreed to despite the US Supreme Court ruling that struck down many of his far-reaching taxes on imports. And he said he wants a global tariff of 15 per cent, up from 10 per cent he had announced immediately after the ruling.

The court's Friday decision struck down tariffs Trump had imposed on nearly every country using an emergency powers law. But the Republican president won't let go of his favorite tool for rewriting the rules of global commerce and applying international pressure.

“Any Country that wants to “play games” with the ridiculous supreme court decision, especially those that have “Ripped Off” the USA. for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to,” Trump posted Monday on Truth Social.

One of Trump's executive orders says he can bypass Congress and impose a 10 per cent tax on imports from around the world starting Tuesday, the same day as his State of the Union speech.

The Latest: Trump is under pressure to deliver on the economy to an increasingly skeptical public ------------------------------------------------------------------ Trump swept back into the White House on promises to bring down prices and restore order to immigration in America. But on both issues, public sentiment has turned against him.

Only 39 per cent of US adults approve of his economic leadership and just 38 per cent support him on immigration, according to the latest Associated Press-NORC Centre for Public Affairs Research survey. Those low numbers show the country is still fretting about the costs of groceries, housing and utilities, a problem compounded by Trump's whipsawing use of tariffs. They also show how the public was disturbed by videos of violent clashes with protesters, including two US citizens killed by federal agents.

Since his party passed a massive tax cut bill last year, Trump has yet to unveil major new economic policy ideas, instead offering reruns about his tax cuts, ideas about reducing mortgage rates and a new government website for buying prescription drugs.

Trump says his State of the Union address will be a long' one ----------------------------------------------------------------- How long is an important question.

As he was wrapping up the White House event recognizing “angel families,” Trump talked about how well the country is performing, in his view, and his administration's work to cut off illegal immigration from Mexico to the US.

“I'm making a speech tomorrow night, and you'll be hearing me say that,” he said. “I mean, it's going to be a long speech because we have so much to talk about.” Last year, the Republican president spoke for a record-setting 100 minutes to a joint session of Congress. Such a speech in a president's first year in office technically is not considered a State of the Union address.

Angel families event wraps up ------------------------------- Trump concluded the event by signing a proclamation designating Feb 22 as “National Angel Family Day.” A candle was lit in memory of victims killed by people in the US illegally, whose names were read aloud. Members of the military then sang “Amazing Grace.” The event featured remarks by family members of the victims who thanked Trump for his work honouring their loved ones and securing the border. Trump acknowledged their suffering and derided the press for its coverage of the issue.

Tariff taxes should be refunded to benefit consumers, Democrats say -------------------------------------------------------------- The bill being introduced by Sens Ron Wyden of Oregon, Ed Markey of Massachusetts and Jeanne Shaheen of New Hampshire would require the Trump administration to refund the taxes, plus interest. It would prioritize small businesses and encourage importers, wholesalers and large companies to pass the refunds on to their customers.

Shaheen said that repairing any of the damage starts with “President Trump refunding the illegally collected tariff taxes that Americans were forced to pay.” The bill is unlikely to become law, but it reveals how Democrats are starting to apply public pressure going into November's midterm elections for control of Congress. Democrats have begun telling the public that Trump illegally raised taxes and now refuses to repay the money back to the American people.

Democrats call for the government to refund billions in Trump tariff money ---------------------------------------------------------------- A trio of Senate Democrats is calling for the government to start refunding roughly USD 175 billion in tariff revenues.

The justices left the refund question unanswered. So what's going to happen to the money the government has already collected in import taxes now declared unlawful? When the smoke clears, trade lawyers say, importers are likely to get money back — eventually. Still, the path to refunds could prove chaotic.

The Democrats' proposed bill would require US Customs and Border Protection to issue refunds over the course of 180 days and pay interest on the refunded amount, prioritizing refunds to small businesses. (AP) RD RD

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