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Tariff turbulence: Govt puts trade team's US visit on hold; SCOTUS ruling an opening to seek better deal?Amid the uncertainty triggered by the US Supreme Court order invalidating Trump's tariffs, govt has decided to reschedule the visit of the Indian team to Washington DC for finalising the legal text of the interim framework of the trade deal.Commerce department officials said the two sides were of the view that the visit by chief negotiator Darpan Jain and his team should be rescheduled until the latest developments and their implications have been evaluated.Jain was to hold three-day consultations, starting Monday, ahead of US Trade Representative Jamieson Greer's visit to India to sign the agreement. The two sides have so far agreed on the broad framework which reflects understanding but no mutually binding commitment.But the US Supreme Court ruling against reciprocal tariffs and subsequent levies by American president Donald Trump has complicated the equations.Official: US prez can use Sec 338 allowing tariffs up to 50% Change in the travel itinerary of Jain and other negotiators is significant in view of indications in certain govt quarters that the Modi administration may not be averse to exploring if the SCOTUS's ruling has created elbow room to seek better terms.After the US court's order, Malaysia and Indonesia, which had finalised agreements with the US over tariff, have emphasised that nothing has been notified. South Korea, according to NY Times, has said that judicial disapproval of Trump's tariffs has nullified its 15% reciprocal tariff deal with the US.Significantly, while reacting to SCOTUS rebuff, Trump had on Friday said that the deal with India was on. Govt officials said the legal analysis of US actions is underway along with the possible impact on trade and strategic ties.With an additional 15% tariff under Section 122 of the Trade Act of 1974, all countries have now been put at the same level, at least for 150 days.Yet, with the threat of further action by Trump - who is seen to have weaponised tariffs - remains and his statements so far indicate that countries will have to negotiate levies individually, while allowing greater market access for American goods.USTR Jamieson Greer has indicated that the US President can also use Section 338 of the Tariff Act of 1930, which allows for up to 50% tariffs on countries that unreasonably discriminate against US trade through tariffs, regulations or other measures.

The Indian rupee lower 12 paise to close at 90.88 per dollar on Monday, compared to its opening price of 90.76 in the morning.At close, the Sensex was up 479.95 points or 0.58 percent at 83,294.66, and the Nifty was up 141.75 points or 0.55 percent at 25,713. About 1852 shares advanced, 2274 shares declined, and 171 shares unchanged.read more :- More than 300 textile mills closed in Tamil Nadu

Over 300 textile mills shut in Tamil Nadu in last few years, says report Over 300 textile mills went out of operation in Tamil Nadu between 2021-22 and 2023-24, according to the Annual Survey of Industries. The data released by the Union Ministry of Textiles earlier this month showed that in 2021-22, Tamil Nadu had 2,773 textile mills and 2,121 of these were in operation. In 2023-24, the number went down to 2,455 with just 1,672 mills in operation. Spokesperson of a leading textile association said another 300 mills were closed in the last two years.The data shows there were 11,460 textile and apparel manufacturers in 2021-22 and 8,771 were in operation. In 2023-24, there were 11,467 textile and apparel manufacturers and just 8,503 were in operation. This included textile mills, weaving, processing, and garment making units. According to industry representatives, almost two lakh powerlooms had been scrapped in the last couple of years.A host of factors have hit the textile industry in the State, they say. Most of the textile industries are in the micro, small and medium enterprises (MSME) segment. Be it raw material, bank interest rates, or power cost, the MSMEs are at a disadvantage. So, a large number of small-scale textile mills have shut shop, said South India Spinning Mills Association (SISPA) secretary Jagadish Chandran.“Tamil Nadu textile industry is finding it increasingly difficult to remain cost-competitive compared with other States. For instance, the power cost for the mills in Tamil Nadu is ₹ 9.25 a unit. This is at least ₹1 more compared with competing States. Only those textile units that have invested in wind and solar energy have survived, as Tamil Nadu has the most flexible renewable energy policy. The annual increase of power cost should stop,” said the spokesperson. Textile mills lose heavily on the raw material front. Be it cotton, polyester, or viscose, the mills buy raw material from the north and incur transportation cost. The import duty on cotton and quality control orders that are now withdrawn had impacted the industry.The processing units incur high costs because of zero liquid discharge, while States such as Gujarat are permitting marine discharge of treated effluent.While the State government recently come out with an integrated textile policy, it should remove the caps for subsidies, industry representatives said.read more :- Indian textile industry worried over cheap US cotton

The textile industry of the country including Kolhapur is in crisis due to the fear of cheap American cotton coming to India after the India-US trade agreement. Kolhapur: After the new import tax structure between India and America, the textile industry in the country was likely to flourish. But in reality the picture looks different. Cotton prices in India are falling due to the possibility of large-scale import of low-cost cotton from the US after this agreement. The price of yarn has fallen and the demand for fabric has also cooled.The Indian textile industry was going to get relief from America's reduction in import duty on Indian goods from 50 percent to 18 percent. However, this equation has become problematic in some cases in the first stage. With this agreement, some agricultural products of America will be sold in the Indian market. Since cotton is allowed in it, the sensitive Indian textile industry is feeling the impact due to the fear of importing large quantities of American cotton into India.America's cotton problemThe production of BT (genetically modified) cotton in America is double, triple that of India. India imported cotton worth Rs 3,428 crore from America in 2024-25. India, once a major exporter of cotton, has now become an importer of cotton from Brazil, Australia and the United States. After the latest deal, American cotton imports are expected to be at a lower rate than Indian cotton.Losses to mills, farmersCotton prices are currently falling in the country. Analysts say the price of cotton, which was Rs 56,500 per khandi (356 kg) a fortnight ago, has fallen by Rs 1,000 to Rs 55,500 after the agreement. On the other hand, due to fall in cotton prices, farmers who had held cotton in the hope of price increase from CCI (Cotton Corporation of India) are in financial distress.read more :- CCI to buy cotton at MSP by the end of the month

CCI to continue cotton procurement at MSP till month-end.The Cotton Corporation of India (CCI) has decided to continue the procurement of the fibre/yarn crop till the month-end following a request made by the State government.According to Minister for Agriculture Tummala Nageswara Rao, the CCI had so far procured 16.15 lakh tonnes of cotton valued at ₹12,823 crore from over 8.8 lakh farmers. He stated on Saturday that he had written to the Union Textiles Minister, CCI and two Union Ministers from the State G. Kishan Reddy and Bandi Sanjay Kumar requesting them to extend the procurement date since the fourth picking of cotton was still going on.He asked the farming community to make use of the extended deadline for cotton sale and sell their produce to CCI at the minimum support price of ₹8,110 per quintal by following the fair average quality norms. He further stated that 2.24 lakh tonnes of low-quality cotton was also purchased from farmers in the market and another 9.99 lakh tonnes of cotton stocks were still available with farmers.Though there was some opposition from the farming community and ginning mills to the ‘kapas kisan’ app introduced to register their details, the State government had addressed their concerns one by one and made them make use of the app. Booking the details of their produce (cotton) on the app was allowing the farmers to bring the stock to the procurement centre at the appointed/given time and avoid keeping their produce in queues at the procurement centres, the Minister said.A section of the farming community (cotton producers) were worried with the information in circulation that CCI was stopping procurement even before the entire crop/cotton was picked. Now that the CCI had extended the time, the farmers could sell all their produce.According to the agriculture department officials, cotton was raised in 50.7 lakh acres during 2025-26 Kharif season but only 45.32 lakh acres remained safe, as the crop in the remaining extent was damaged badly in the heavy rains and floods. The production of cotton was estimated at 28.29 lakh tonnes from 45.32 lakh acres.read more :- Maharastra :Yavatmal farmers are worried as 25% of cotton is in stock.

Maharastra : 25% cotton still unsold, Yavatmal farmers fear price crash.Yavatmal: With nearly 25% cotton stock still lying at the doorsteps of farmers and traders, concerns are mounting over a possible price crash if the Cotton Corporation of India (CCI) discontinues procurement after February 27.Thousands of farmers had registered and booked slots with CCI in hopes of securing better prices than those offered in the private market. So far, CCI has procured 15,74,462.4 quintals of cotton in the district. However, a significant portion of the produce remains unsold. With only a week left before the procurement deadline, anxiety among farmers has intensified.Yavatmal has traditionally been a major cotton-producing district. This year, cotton was cultivated on nearly five lakh hectares. After suffering severe losses during the 2024-25 season, many farmers were left financially devastated, with little capital to invest in the next crop cycle. Despite this, they borrowed money at high interest rates to continue farming rather than leaving their fields fallow.In several parts of the district, yields dropped drastically. Cotton that usually reaches markets by Dussehra arrived at farmers' homes only around Diwali. As a result, many farmers were compelled to sell their produce to private traders at Rs7,200 per quintal, incurring a loss of nearly Rs800 per quintal compared to the expected rate.Recognising the losses in the private market, farmers registered for CCI procurement, where the price was fixed at Rs8,100 per quintal. However, stringent conditions and procedural hurdles reportedly forced many to sell their cotton to private traders. Several farmers who booked slots with CCI are yet to receive confirmation.With only days remaining for procurement to end, farmers fear that CCI may not be able to purchase the remaining stock in time. If procurement stops, they may once again be forced to sell at lower rates in the private market. Overall, there is apprehension that cotton prices could decline sharply if CCI withdraws from procurement.Bala Nival, a farmers' union leader, stated that unseasonal rains persisted late into the season, and cotton picking is still underway in some areas. He has urged the district's guardian minister to extend the CCI procurement deadline to prevent further financial distress for farmers.read more :- Rupee opens 22 paise higher at 90.76

Rupee opens 22 paise higher at 90.76/USD Indian rupee opened 22 paise higher at 90.76 per dollar on Monday against Friday's close of 90.98.read more :- Cotton Corporation of India (CCI)

State-wise CCI Cotton Sales Details – 2025-26 SeasonThe Cotton Corporation of India (CCI) kept its price unchanged during this week for the 2025-26 season. So far, approximately 3,93,300 cotton bales have been sold by CCI during the 2025-26 season. Sales are highly concentrated in a few major cotton-producing states, Maharashtra and Gujarat emerging as the leading contributors.read more:-  10% global tariff from February 24

President Trump Imposes 10% Global Tariff from February 24US President Donald J. Trump has announced a temporary 10% global import surcharge, citing growing balance-of-payments pressures and risks to economic stability. Issued through a presidential proclamation on February 20, the measure takes effect February 24, 2026, for 150 days unless extended by Congress.The White House said senior advisers found “fundamental international payments problems” requiring special import measures under Section 122 of the Trade Act of 1974. Trump determined the tariff is necessary to correct external imbalances and stabilize the US economy.Officials noted that America’s balance on primary income turned negative in 2024 for the first time in decades, while its net international investment position fell to –90% of GDP. Persistent goods trade deficits of about $1.2 trillion and a widening current account gap of 4% of GDP have raised concerns over financial sustainability.The surcharge will apply to most imports in addition to existing tariffs but excludes key sectors such as critical minerals, energy, pharmaceuticals, aerospace, and vehicles. Imports under the US-Mexico-Canada and Central America trade agreements remain duty-free.The administration stressed the move targets macroeconomic imbalances, not industry protection. The US Trade Representative will monitor its effects and may adjust or end the measure before its July 24 expiry.The action is one of Washington’s most sweeping trade steps in recent years and is expected to draw strong global responses.read more:-  Gujarat's textile budget rises to $302 million

Gujarat Raises Textile Outlay to US$ 302 Million in FY ’27 BudgetGujarat has boosted its textile-sector allocation to Rs. 2,755 crore (US$ 302 million) for FY 2026–27 under the Development of Textile Industry scheme, up from Rs. 2,000 crore (US$ 219 million) in 2025–26. Announced by Finance Minister Kanubhai Desai, the rise underscores the State’s focus on consolidating its textile leadership and enhancing MSME competitiveness.The scheme will fund capacity expansion, technology upgrades, and new investments across the value chain. Increased subsidies aim to strengthen industrial infrastructure and scale. Support for cottage industries, handloom, and small-scale units continues through grants, training, and export facilitation.Funding for the Gujarat State Handicraft Development Corporation rises to Rs. 48.05 crore (US$ 5.28 million), with Rs. 23 crore (US$ 2.52 million) set aside for design contests, exhibitions, and promotions. A new Gujarat State Export Promotion Council will be established with Rs. 5.90 crore (US$ 648,000) to boost exports and MSME market access, including through e-commerce integration.Overall, the Budget combines expanded industrial investment with targeted support for traditional sectors and digital export initiatives.Ashish Gujarati, former SGCCI president, said the increased outlay and proposed export council reaffirm the State’s commitment to the Gujarat Textile Policy and MSME growth.read more:-   Court decision on tariffs, Trump's Plan B

Trump furious over Supreme Court's decision on tariffs, calls it shameful, says he has a Plan B readyNew Delhi. US President Donald Trump has reacted sharply to the Supreme Court's decision declaring the exorbitant global tariffs illegal. Following the repeal of the global tariffs, the President stated that he has a "backup plan" for penalty tariffs. During a breakfast with US governors at the White House, he described the Supreme Court's decision as "shameful."According to two people familiar with his remarks, Trump told those present that he already has an alternative plan ready after the court's decision. Meanwhile, Trump administration officials had already warned the President to be prepared for the possibility of an adverse ruling and assured him that even if the tariffs are invalidated, there are alternative ways to advance his trade agenda.Trump did not expect this decisionTrump has expressed increasing frustration with the Supreme Court in recent weeks. Several people familiar with the matter said he privately complained that the court was taking too long to deliver its decision. He also repeatedly speculated about the justices' decision.A source familiar with the matter told CNN that Trump had at one point said he did not expect the Supreme Court to strike down the tariffs because the stakes were too high. However, officials within the Trump administration were quietly preparing for defeat and told Trump that even if the court ruled against him, other legal avenues remained available to enforce the trade measures.A Major Setback for Trump's Trade PolicyWhile the US Supreme Court's decision on tariffs is a significant setback for Trump's trade strategy, his statements indicate that the administration intends to move quickly to explore alternative options to keep its economic agenda on track.read more:-  US 10% global tariffs; India impacted in deal