Tag Archives: supreme court verdict

How US Tariffs Played Havoc in Markets? Timeline of Key Tariff Moments

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Over the past year, U.S. trade policy has swung sharply back toward broad-based tariffs, reviving uncertainty across global markets and supply chains.

The shift began on Feb. 1, 2025, when the administration imposed new tariffs on Chinese imports, citing fentanyl-linked supply chains, unfair trade practices and trade imbalances. Days later, Washington announced plans for 25% tariffs on imports from Mexico and Canada on national security grounds, though these were later paused and modified, with exemptions for USMCA-compliant goods.

The most dramatic move came on April 2, 2025, when the White House unveiled sweeping “Liberation Day” reciprocal tariffs on most U.S. imports. Invoking emergency powers, the administration imposed a baseline tariff of about 10%, with higher rates for selected countries. Subsequent executive orders in April and May adjusted rates and expanded coverage, including changes to duties on low-value Chinese imports.

Legal pressure mounted on May 28, when the U.S. Court of International Trade ruled that parts of the emergency tariffs exceeded presidential authority, throwing their durability into question. Despite this, tariff actions continued, including higher duties on copper imports in June and threats of tariffs of up to 50% on Brazilian goods in July.

By mid-2025, new tariffs were announced on Indonesian and Indian imports, while several high duties came into force in August amid diplomatic talks and WTO challenges. Further rate adjustments followed in November.

By late 2025, U.S. average tariff rates had climbed to multi-decade highs, boosting customs revenue but weighing on business confidence.

On Feb. 20, 2026, the Supreme Court struck down most emergency tariffs imposed under the IEEPA. Hours later, the president imposed a temporary 10% global tariff under separate legal authority, keeping trade tensions firmly in place.

Timeline of Market Movements

Feb. 1, 2025 – New US tariffs against China revive trade-war risk; Asian equities and exporters come under pressure.

Feb.–Mar. 2025 – Trump Threatens tariffs on Mexico and Canada unsettle North American supply chains before exemptions ease market stress.

April 2, 2025 – “Liberation Day” tariffs trigger global equity sell-offs, currency volatility and higher import-cost forecasts.

April–May 2025 – Repeated rate adjustments fuel uncertainty, complicating pricing decisions for manufacturers and retailers.

May 28, 2025 – Trade court ruling introduces refund risk for importers, lifting bond-market focus on fiscal exposure.

June 30, 2025 – Copper tariffs push metals prices higher and raise costs for construction and manufacturing firms.

July 2025 – Tariff threats against Brazil, followed by moves on Indonesia and India, widen emerging-market trade risk premiums.

August 2025 – Implementation of high tariffs lifts U.S. customs revenue but deepens concerns over inflation pass-through.

Nov. 2025 – Further tariff tweaks add to year-end volatility in equities and currencies.

Feb. 20, 2026 – US Supreme Court ruling briefly boosts markets on hopes of tariff rollback.

Feb. 20, 2026 – A new temporary 10% global tariff reins in optimism, restoring uncertainty over trade, inflation and growth.

Derecognized Kadapa medical college students climb electricity towers, AP Govt faces ‘suicide’ threats

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Aggrieved medical students of Fatima medical college in Kadapa, Andhra Pradesh have resorted to movie style agitation climbing the electricity towers seeking justice to 20-month-old saga that is hitting local headlines daily.

What has triggered the suicidal move by the students was a Supreme Court verdict on Friday that dismissed the AP government’s memo seeking to accommodate Fatima College students nine each in 11 medical colleges of the state.

The original recognition to the college was cancelled rendering these students of 2015-16 batch of the college hit the streets and the Medical Council of India refused to allow increase in the number of seats in other colleges in the state, citing its usual administrative procedures.

With the court not allowing diverting these students to other colleges, most of them girls, their agitation on Sunday hit the headlines of the state with the students following the footsteps of recent movie “Khaidi No. 150” of Chiranjeevi, in which the desperate farmers enter the water pipes in protest bringing the entire water supply in the city to standstill.

The bench refused to the state government proposal to increase the seats this year and reduce them next year. Though the counsel for AP government, Gourav Benerjee, said the proposal was in the interest of the students and their future, the court declined to interfere in the issue.

The fate of 99 students of Fathima Institute of Medical Sciences (FIMS) in Kadapa, Andhra Pradesh, has been hanging in balance for the last 20 months and even the state Opposition leader Jaganmohan Reddy (Jagan) visited the students recently extending his support.

“Just to favour the college management of private universities, Naidu’s government has refused to forgo 100 seats in the next academic year as advised by the Supreme Court. The Supreme Court’s judgement has obviously not been positive,” Jagan noted.

Ironic but it happened in a rude way for the students when they were abruptly told in April, 2016, almost nine months into their course, that their college was derecognised, and that their admissions were null and void.

The problem worsened when the MCI refused the state government’s proposal to relocate the students to other medical colleges across the state. The Supreme Court too dismissed a case filed by the Andhra Pradesh government on behalf of the students of FIMS last Friday.

Now the AP government is facing the “suicide” threats from the students with MCI in Delhi being placed far away from the scene of protests. Who will be responsible for the future of these students? Why didn’t the government, the MCI and courts stop the Fatima College not to take in students when their recognition was facing dilemma?

 

Demonetisation: Supreme Court Warns Govt to End Cash Crisis

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The Supreme Court on Friday warned the government to find ways to end the cash crisis as people standing in long queues for hours every day may turn violent anytime leading to anarchy.

Brushing aside the government contention, the court made it clear that “It is a serious issue.” Since it affects the entire population, it said, “You cannot deny there is a serious problem. There could be riots.”

The bench consisting of Chief Justice TS Thakur and Justice AR Dave retorted to attorney general Mukul Rohatgi’s plea seeking directive to lower courts to stop hearing cases related to demonetisation. Once the high courts take up legal suits, millions of suits will move the courts seeking intervention to redeem their money.

The bench took exception to limit the daily cash exchange limit to Rs 2,000, after promising to increase it to Rs.4500 creating suspicions in the minds of people about the government’s ability to exchange their money in time.

“The government just did not have the capacity to print new currency notes. They should have taken this into account and taken steps to avoid putting people into untold harassment,” said petitioners.

“Daily labourers are not getting paid, tea garden workers are not getting their salaries, people in rural areas have to walk long distances to reach banks and ATMs only to be told that these have run out of cash. It is a serious situation. Transporters are suffering. Trucks are standing idle without cash. India is a cash-based economy and the government has hurt it badly by freezing cash circulation,” senior advocate Kapil Sibal said in the Supreme Court on Friday on behalf of the petitioners who have questioned the legality of demonetisation.

The next hearing will be on November 25.