Last mentioned: 6h ago
150-Day Expiration
The initial legal window for the Section 122 surcharge expires, requiring renewal or new authority.
Tariffs Effective
The new 10% global tariff takes effect for all imports.
Critical Minerals MoU
India and Brazil sign the rare earths and critical minerals pact in New Delhi.
Supreme Court Ruling
SC rules 6-3 against the administration's use of IEEPA for broad import tariffs.
Executive Order Signed
Trump invokes Section 122 of the Trade Act of 1974 to impose a 10% global tariff.
AI Impact Summit
President Lula addresses the AI Impact Summit in Delhi, calling for global governance.
Aerospace Partnership
Embraer and Adani Group announce plans to build aircraft in India.
Initial Trade Targets
PM Modi visits Brasilia and sets an initial $20 billion bilateral trade target.
India and Brazil have signed a landmark Memorandum of Understanding on rare earths and critical minerals to diversify supply chains away from China. The agreement, signed by PM Modi and President Lula, targets exploration, processing, and refining to support high-tech industries including electronics, clean energy, and defense.
Following a 6-3 Supreme Court ruling declaring his 'reciprocal tariffs' illegal, President Trump asserted that trade relations with India remain unchanged. Despite the legal setback regarding executive authority, the administration plans to pursue alternative routes to maintain its protectionist trade framework.
Following a landmark 6-3 Supreme Court ruling striking down the use of emergency powers for broad import duties, President Trump has invoked Section 122 of the Trade Act of 1974 to impose a 10% global tariff. The move shifts the legal basis for his protectionist agenda while temporarily lowering rates for some partners like India from previously negotiated levels.