'The contours of the trade deal need to be reworked now.'
Finance Minister Nirmala Sitharaman stated that it is premature to comment on the tariff changes announced by the United States, adding that the commerce ministry is currently reviewing the situation.
Trump administration will use "alternative legal authorities" to enforce tariffs on the countries, assuring that the tariff revenue will remain unchanged.
A US lawmaker has criticized President Donald Trump's tariff policy on India for purchasing Russian oil, urging him to reverse it immediately.
In a major setback to Trump's pivotal economic agenda for his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by the president on nations around the world were illegal.
The ruling is expected to have wide-ranging consequences for global trade, businesses, consumers, inflation trends and household finances across the country.
India will now face a lower reciprocal tariff of 10 per cent, down from 25 per cent, after US President Donald Trump announced a new global levy on items imported into America in the wake of the Supreme Court verdict against his sweeping duties on several nations.
Following a Supreme Court setback, Donald Trump has announced an increase in global tariffs from 10% to 15%, impacting international trade relations and raising concerns about economic repercussions.
US President Donald Trump asserted that the trade deal with India remains intact despite a Supreme Court ruling against his tariffs, while also claiming he used tariffs to stop a war between India and Pakistan.
Indian exports to the US will face a 10% tariff, down from 25%, for 150 days following a US Supreme Court ruling. However, uncertainty persists due to potential further tariff hikes and long-term implications.
The official also advised all the trade partners to abide by the trade deals. The new 10 percent global tariff is part of Trump's protectionist trade agenda, aimed at addressing balance-of-payments issues and unfair trade practices.
The verdict marks a notable shift from a series of recent wins for Trump at the Supreme Court.
Indian equity markets closed higher, driven by gains in PSU bank, auto, and financial stocks, following the US Supreme Court's decision on tariffs. Sensex climbed 479.95 points to 83,294.66, and Nifty advanced 141.75 points to 25,713.
Neal Katyal, an accomplished Indian-American lawyer, triumphed in a landmark Supreme Court case against Donald Trump's tariffs, championing the Constitution and the rights of American small businesses.
India and the US have agreed to a trade deal that will see Washington reduce reciprocal tariffs on Indian goods from 25% to 18%, according to US President Donald Trump. The deal also includes commitments from India to reduce tariffs and non-tariff barriers against the US and to increase purchases of American products.
Indian equities on Dalal Street saw volatility as global market trends and fresh tariff concerns linked to Donald Trump impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for Feb 24, 2026.
The agreement addresses non-tariff barriers and promotes increased trade in technology products and cooperation between the two countries.
The US said India will lower tariffs on a "vast array" of American industrial and agricultural goods, such as "fruits, vegetables", to zero per cent under the trade deal announced by President Donald Trump.
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
US Treasury Secretary Scott Bessent indicated a potential pathway to remove tariffs imposed on India for purchasing Russian oil, citing a significant decrease in such purchases. He also criticized Europe's approach and accused India of profiting from discounted Russian oil.
United States President Donald Trump on Saturday threatened to impose tariffs on Denmark and several European countries unless they agree to sell Greenland to the United States, framing the move as a national security imperative amid Chinese and Russian interest in the territory.
Trump repeated the assertion that Sharif had claimed he saved "25 million lives" when he stopped the war between India and Pakistan.
India's marine product exports facing rough weather from punitive US tariffs are expected to get a big boost following the reduction of 26 per cent tariff as part of the India-EU Free Trade Agreement (FTA), but concerns over non-tariff barriers, which are a dominant aspect of marine trade to the EU, still remain.
Trump's outburst comes amid escalating tensions between the US and its northern neighbour, following recent remarks by Canadian Prime Minister Mark Carney at the World Economic Forum (WEF) in Davos.
India must focus on building enduring national capabilities and economic sovereignty in the face of shrinking space for rules-based trading, anti-immigrant stance, weaponization of energy sources and growing use of export controls in critical sectors, the Economic Survey said on Thursday.
The Congress MP said he had been "troubled" by the US tariff regime from the very beginning, adding that India was already at a disadvantage compared to its regional competitors.
United States Senator Lindsey Graham on Sunday claimed that Indian Ambassador to the US Vinay Mohan Kwatra spoke to him last month about India buying less Russian oil and asked him to tell President Donald Trump to relieve the 25 per cent tariff.
Canadian Prime Minister Mark Carney on Tuesday warned that the world is witnessing a fundamental 'rupture' in the global order rather than a gradual transition, cautioning against weaponising trade, finance, and supply chains.
In a veiled attack on US President Donald Trump, Canada's Minister of Energy and Natural Resources Tim Hodgson on Tuesday said India's free trade agreement with the European Union is a "perfect" answer to global hegemons that use tariffs and economic integration as tools of coercion.
Trump has repeatedly asserted that Greenland is important to safeguard the US from Russia and China's presence in the Arctic Ocean, and has demanded that the Kingdom of Denmark sell the self-governed territory.
He said that the US is financially and from a national security standpoint 'far stronger' and more respected than ever before because of tariffs.
Finance Minister Nirmala Sitharaman on Wednesday said global trade is increasingly "getting weaponised" through tariffs and other measures, and India will have to negotiate its way carefully. She said that the overall strength of the economy will give the country an added advantage.
United States President Donald Trump on Monday floated the proposal of imposing 200% tariff on French wine and champagne after French President Emmanuel Macron's reported refusal to sit on the so-called Board of Peace, an initiative created by Trump to mediate global conflict, EuroNews reported.
'India should understand that we are not going to make the same mistakes with India that we made with China 20 years ago.'
India is evaluating its involvement in the Chabahar port project in Iran due to potential US tariffs. The US had granted India a waiver for the project, but it expires soon. India is exploring options to continue supporting the port's development while minimizing exposure to US sanctions.
External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio discussed cooperation in trade, critical minerals, nuclear energy, and defence, reaffirming commitment to a free and open Indo-Pacific.
European Commission President Ursula von der Leyen says India and the EU are close to a 'historic trade agreement' that could create a market of two billion people and account for almost a quarter of the global GDP.
Trump said that the decision would be "immediately" in effect and that the "order is final and conclusive."
The Congress has strongly criticised the US government's temporary waiver allowing India to purchase Russian oil, raising concerns about continued 'American blackmail' and its impact on India's energy policy.
'This has translated into a combined daily loss of 60 crore in revenues for exporters in Tiruppur, Coimbatore, Erode and Karur districts, pushing many small and medium enterprises to the brink of collapse.'
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