President Donald Trump has raised the global tariff rate from 10% to the maximum 15% permitted under Section 122. Note that the hike applies to all countries, including India. The move comes amid legal uncertainty after the US Supreme Court ruled earlier tariffs illegal, forcing India-US trade negotiations scheduled for February 23 to be postponed. Fresh litigation and refund claims worth an estimated $175 billion could now pose serious risks to the US Treasury. Shereen Bhan explains
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