The year 2025 was marked by acute geopolitical and economic uncertainty, and so far, 2026 does not seem very different. The US Supreme Court has ruled that President Donald Trump’s use of the International Emergency Economic Powers Act (IEEPA) was unlawful. Within hours, Trump announced his decision to impose a 10 per cent global tariff on most goods; a day later, he raised it to 15 per cent. Trump’s approach does not give any indication on whether his stance on trade policy is likely to change. The confusion extends not just to India, but even countries such as the UK, Japan, and EU which have signed trade agreements with the US.

Source: Indian Express February 23, 2026 02:37 UTC