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TIMES UPDATE
- by TOI Business Desk
- by TOI Business DeskIndia will now face a 10% tariff on imports to the US, as President Trump signed an executive order imposing this global rate. This move follows a US Supreme Court ruling that declared his previous tariffs illegal. Trump stated that this new tariff structure is a reversal, with India now paying tariffs to the US.
- by TOI Business DeskPresident Trump fiercely criticized the Supreme Court after it struck down his global tariffs, deeming the decision "ridiculous." He vowed to pursue alternative measures to impose new duties, despite the ruling limiting his executive authority. The decision injects uncertainty into global trade as Trump signals continued use of tariffs.
- by TOI Business DeskThe Supreme Court ruled that President Trump lacked the authority under the International Emergency Economic Powers Act (IEEPA) to impose broad tariffs. The 6-3 decision found the law does not explicitly grant power for tariffs, a move Trump had used extensively. This ruling could lead to significant refunds and ongoing disputes over presidential tariff powers.
- by Saurabh Sinha
- by Sujit John and Shilpa Phadnis
- by Atul MathurSaudi Arabia has temporarily become India's top crude oil supplier, with imports reaching their highest since November 2019. February saw nearly 1-1.1 million barrels per day arriving from the West Asian nation, surpassing Russia. This shift occurs amid US pressure on India to reduce Russian crude purchases, though analysts anticipate a short-term stabilization.
- US Ambassador Sergio Gor stated India committed to not buying Russian oil as President Trump seeks to end the Russia-Ukraine war. Gor also revealed active negotiations for India to procure Venezuelan oil, with an interim trade deal imminent. India's foreign ministry emphasized its energy policy is driven by national interest.
- by TOI Business Desk
- by TOI Business Desk
- by TOI Business Desk