Industrial Policy & Trade Monitor· 2665 actions· ✨ 90 recent

The Directorate General of Trade Remedies (DGTR) initiated an anti-dumping investigation on 25 June 2026 into imports of Hot Rolled Flat Products of Alloy or Non-Alloy Steel (width ≤ 2,100 mm, thickness ≤ 25 mm; not clad, plated or coated; stainless steel excluded; HS 7208, 7211, 7225, 7226) originating in or exported from China PR, Japan and Russia, following a petition by domestic producers JSW Steel, JSW Vijayanagar Metallics and Jindal Steel Odisha. DGTR's prima-facie assessment found export prices significantly below normal value, with dumping margins above the de-minimis threshold for all three origins. The period of investigation (POI) is January–December 2025; interested parties have 30 days to register and submit questionnaire responses.

India's Directorate General of Trade Remedies (DGTR) initiated anti-dumping investigation No. 6/17/2026-DGTR (SETU Case ID: AD/OI/016/2026) on 22 June 2026 into imports of Cold Rolled Grain Oriented Electrical Steel (CRGO) and Amorphous Metal (AM) originating in or exported from China PR, Japan, Korea RP, and Russia, on application by JSW JFE Electrical Steel Nashik Pvt Ltd (a JV between JSW Steel and Japan's JFE Steel Corporation). The period of investigation (POI) covers 1 April 2025 to 31 March 2026; the injury analysis period spans 2022-23 through the POI. CRGO is the magnetic-core input for every power and distribution transformer, and amorphous metal is the next-generation low-loss core alternative; together they constitute grid-critical capital-equipment feedstock for India's electricity-system expansion, making this probe analytically distinct from — and more strategically sensitive than — the CRNO definitive-duty case (Notification 35/2025-Customs (ADD)).

India's CBIC imposed definitive anti-dumping duties ranging from USD 75 to USD 1,748 per tonne on imports of Sulphenamides Accelerators — rubber vulcanisation chemicals used in tyre and rubber goods manufacturing — originating in or exported from China, the European Union, and the United States, via Notification No. 11/2026-Customs (ADD) dated 19 June 2026. The duties are valid for five years following DGTR final findings of dumping below normal value causing material injury to the Indian domestic industry. The principal domestic producer benefiting from the measure is NOCIL Limited (NSE: NOCIL), India's largest rubber chemicals manufacturer, which produces Sulphenamides Accelerators under its Pilcure brand.

On June 2, 2026, USTR published final actionability findings in 60 parallel Section 301(b) investigations — the largest simultaneous Section 301 action in US history — determining that all 60 economies maintain unreasonable acts, policies, or practices by failing to impose or effectively enforce a prohibition on imports produced with forced labor. USTR proposed two additional duty rates: 10% on the 14 economies with partial forced-labor regimes (Canada, Ecuador, EU, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia, Taiwan, UK) and 12.5% on the remaining 46 economies. Tariff rates remain proposed pending a July 7, 2026 public hearing and subsequent finalization; the actionability determination is final.

The U.S. Treasury's Office of Foreign Assets Control (OFAC) announced on 18 May 2026 that Adani Enterprises Limited (AEL), a flagship publicly traded entity of India's Adani Group (NSE: ADANIENT), agreed to pay $275,000,000 to settle apparent civil liability for violations of the Iranian Transactions and Sanctions Regulations (ITSR, 31 CFR Part 560) arising from AEL's purchases of liquefied petroleum gas (LPG) shipments through a Dubai-based commodity trader between November 2023 and June 2025, where red flags should have placed AEL on notice that the LPG originated from Iran. Approximately $192 million in payments for the Iranian-origin LPG shipments were processed through US financial institutions, providing the US nexus for OFAC jurisdiction. OFAC determined the apparent violations were EGREGIOUS and not voluntarily self-disclosed; AEL did not admit fault but committed to implementing enhanced compliance measures. The settlement is the largest OFAC enforcement action against an Indian corporate entity on record and was announced concurrently with parallel DOJ and SEC resolutions forming part of a broader US legal-relief package for the Adani Group.

DGFT Notification No. 16/2026-27 (13 May 2026) escalated the export policy for sugar under ITC(HS) codes 1701 14 90 (raw sugar) and 1701 99 90 (white and refined sugar) from "Restricted" to "Prohibited" with immediate effect, covering all three commercial grades. The prohibition runs until 30 September 2026, or until a further Central Government order, whichever is earlier. The measure is a pre-emptive domestic price-stabilisation step ahead of an uncertain 2025-26 sugarcane season; carve-outs preserve EU and US CXL/Tariff-Rate-Quota obligations, Advance Authorisation Scheme exports, government-to-government shipments, and consignments already in the physical export pipeline before 13 May 2026.

The Union Cabinet chaired by Prime Minister Narendra Modi approved on 5 May 2026 two new semiconductor manufacturing units under the India Semiconductor Mission (ISM) Phase 1: Crystal Matrix Limited (CML) — India's first GaN-based compound-semiconductor and Mini/Micro-LED display fabrication facility (INR 3,068 crore, Dholera, Gujarat) and Suchi Semicon Private Limited (SSPL) — an OSAT facility for discrete semiconductors (INR 868 crore, Surat, Gujarat). Cumulative investment INR 3,936 crore (~USD 400mn); 2,230 skilled jobs at full ramp. This constitutes the 12th and final batch of ISM Phase 1 approvals, closing the first-phase envelope before ISM 2.0 (filed 2026-02-01) takes over.

Brazil's Secretariat of Foreign Trade (SECEX) issued Circular nº 33 on 29 April 2026, confirming a preliminary affirmative determination of dumping and material injury to the Brazilian domestic industry in imports of hot-rolled stainless steel flat products (thickness 2–50.8 mm, coils and sheets, NCM 7219 and 7220 headings) from China, India and Indonesia. Preliminary dumping margins are 50.1% (China), 25.3% (Indonesia) and 17.9% (India). Despite the affirmative finding, DECOM exercised discretion not to impose provisional anti-dumping duties at this stage, citing case complexity, the three-origin scope and the volume of submitted information; the final determination is scheduled for 25 November 2026.

The Directorate General of Trade Remedies (DGTR) issued final findings dated 28 April 2026 in the anti-dumping investigation concerning imports of Low Ash Metallurgical Coke (ash content ≤ 18%, HS 27040010, 27040020, 27040030, 27040090) originating in or exported from Australia, China PR, Colombia, Indonesia, Japan and Russia, recommending a downward revision of the provisional anti-dumping duties previously imposed by Notification No. 41/2025-Customs (ADD) of 31 December 2025. The final findings are recommendatory; a definitive implementing customs notification from CBIC is expected before the provisional measures expire around June 2026. Significant reductions in duty rates are recommended for Indonesian and Japanese origin imports; the investigation covers six coke-exporting countries competing with domestic producers led by Tata Steel, JSW Steel, SAIL, Jindal Steel (JSPL) and AMNS India.

India and New Zealand signed their first bilateral Free Trade Agreement on 27 April 2026 in New Delhi. New Zealand grants duty-free access to 100% of Indian exports from day one, while India eliminates tariffs on ~95% of New Zealand exports — covering kiwifruit, apples, meat, wool, coal and forestry products — with core dairy (butter, cheese) carved out and milk albumins receiving a 50% tariff cut under quota. Negotiations launched in March 2025 and were concluded in 9 months. The package includes a NZ commitment to invest USD 20 billion in India over 15-20 years and ~5,000 annual Indian work visas for IT, engineering, healthcare, education, construction, traditional medicine, yoga and culinary professions; bilateral trade is targeted to double to USD 5 billion within five years. The agreement is signed but not yet in force pending ratification.

Presidential decree signed by President Claudia Sheinbaum and published in the evening edition of the Diario Oficial de la Federación on 23 April 2026, in force 24 April 2026. The decree amends the Tariff of the Ley de los Impuestos Generales de Importación y de Exportación (LIGIE/TIGIE) and the Decreto que establece diversos Programas de Promoción Sectorial (PROSEC), imposing MFN import duties at 5%, 10%, 15%, 25%, 30% or 35% ad valorem on 185 tariff fractions covering chemical products, cosmetics, paper and cardboard, textiles, steel, graphic arts, aluminum manufactures, auto parts, electrical material, bicycles, musical instruments, furniture, wind turbines, and trailers. Goods originating in countries with which Mexico has a free-trade agreement remain eligible for preferential treatment, so practical incidence falls on China and other non-FTA suppliers (Korea, India, Vietnam, Thailand, Brazil, Indonesia, Taiwan, UAE, South Africa). Paired PROSEC modifications add tariff fractions to Article 5 sections I, II.b and XIX (electrical, electronic, automotive and auto-parts industries) at exempt (EX) rates.

The US Department of Commerce published preliminary affirmative antidumping duty (AD) determinations on April 23, 2026 (Federal Register publication April 28, 2026), finding that crystalline silicon photovoltaic cells (whether or not assembled into modules) from India, Indonesia, and Laos are being sold in the US at less than fair value. Preliminary dumping margins are 123.04% for India, 35.17% for Indonesia, and 22.46% for Laos, with Commerce ordering US Customs and Border Protection to begin collecting AD cash deposits at those rates (107.77% adjusted cash-deposit rate for India; 22.06% for Laos). This runs parallel to, and stacks on top of, the CVD case on the same merchandise and countries (see responds_to), meaning combined AD+CVD cash-deposit burdens on subject imports now exceed 100% for all three origins. Final AD determinations are due July 13, 2026 (India, Indonesia) and September 9, 2026 (Laos).

DGFT Notification No. 12/2026-27 (Gazette S.O. 2222(E)), issued 17 April 2026 under sections 3 and 5 of the Foreign Trade (Development and Regulation) Act 1992 and the Foreign Trade Policy 2023, reclassifies high-grade Baryte (Natural Barium Sulphate, ITC(HS) 2511 10 00) Grade A (specific gravity ≥4.2, code 25111010) and Grade B (specific gravity 4.10–4.20, code 25111020) from "Free" to "Restricted" export status, requiring DGFT prior authorisation for all exports in lumps, powder, or other forms. Grade CDW (specific gravity <4.0, code 25111090) remains freely exportable. India produces approximately 80% of global baryte output and the restriction is aimed at ensuring adequate domestic availability for oil-and-gas drilling fluids, radiation shielding, and high-density industrial applications.

On 13 April 2026 the Council of the EU and the European Parliament reached a provisional political agreement, in trilogue with the Commission, on the new EU steel safeguard regulation that will replace the existing WTO-safeguard-based measure (Regulation (EU) 2019/159, last tightened by Implementing Regulation 2025/612) expiring on 30 June 2026. The agreement adopts the core architecture of the Commission's October 2025 proposal (procedure 2025/0726(COD)): an overall duty-free tariff-rate quota of approximately 18.3 million tonnes per year — a roughly 47% reduction versus the 2024 safeguard quotas — covering 30 product categories, with the out-of-quota customs duty raised from 25% to 50%. The deal also introduces a mandatory "country of melt and pour" declaratory requirement on steel imports and obliges the Commission to assess, within two years, whether the country of melt-and-pour should become the basis for country-specific TRQ allocations (closing transhipment loopholes that have allowed Chinese-melted steel to enter via third-country processors). The co-legislators added a reinforced and time-bound review mechanism: a first Commission review of product scope within six months of entry into force, with subsequent biennial scope reviews thereafter. Statutorily, this is a NEW instrument — a regulation adopted under the ordinary legislative procedure, not an implementing act under the WTO Agreement on Safeguards / Regulation (EU) 2015/478 — so it is filed as a new action with a `responds_to` link to the predecessor regime. Formal adoption by Council and EP plenary is expected in May 2026 ahead of the 1 July 2026 application date.

On 9 April 2026 the Government of India, exercising powers under section 4(1) of the Special Economic Zones Act 2005, gazetted a 66.166-hectare sector-specific Special Economic Zone at Dholera Special Investment Region, Gujarat for Tata Semiconductor Manufacturing Pvt. Ltd, exclusively for electronic hardware, software and IT/ITES. The notification is the statutory site- enabling instrument for India's first commercial-scale wafer-fab plant — a ~INR 91,000 crore (~USD 11bn) Tata Electronics / PSMC (Powerchip, Taiwan) joint project announced under India Semiconductor Mission (ISM) 1.0 in February 2024 — and follows the Letter of Approval issued on 17 March 2026. The same notification designates the SEZ as an Inland Container Depot under the Customs Act 1962 with effect from 9 April 2026, enabling on-site customs clearance for fab inputs.

DGFT Notification No. 03/2026-27, issued 2 April 2026 under sections 3 and 5 of the Foreign Trade (Development and Regulation) Act 1992 and the Foreign Trade Policy 2023, reclassifies several Chapter 71 tariff lines — covering silver-clad base metals (ITC-HS 71090000), articles of precious metals (HS 7114–7115 series), and non-legal-tender coins — from "Free" to "Restricted" import status, requiring DGFT prior authorisation for each import consignment. The notification simultaneously liberalises certain platinum semi-finished forms (HS 7110 series) from Restricted to Free, except platinum alloys containing more than 1% gold content. No transitional relief applies: prior contracts, letters of credit, advance payments, or shipments in transit are not exempted, making the restriction immediately operative. EOU and SEZ units are carved out provided imported goods are not diverted into the Domestic Tariff Area.

On 2 April 2026 President Trump issued a Presidential Proclamation under Section 232 of the Trade Expansion Act of 1962 ("Adjusting Imports of Pharmaceuticals and Pharmaceutical Ingredients into the United States") imposing a 100% ad valorem tariff on imports of patented pharmaceutical products listed in the FDA Orange Book and Purple Book, together with the active pharmaceutical ingredients (APIs) and key starting materials used to make them. The base rate takes effect at 12:01 a.m. EDT on 31 July 2026 for the 17 manufacturers identified in Annex III, and on 29 September 2026 for all other companies. The proclamation adopts findings of the Section 232 investigation initiated by the Department of Commerce on 14 April 2025 into pharmaceuticals and APIs as a national- security supply-chain risk. The instrument is structured around a multi-tier rate ladder rather than a flat tariff: concessionary 15% rates for EU/Japan/South Korea/Switzerland/Liechtenstein under reciprocal-deal tracks, 10% for the UK with a pathway to 0% under the pending UK pharmaceutical agreement, a "+20%" surcharge for companies operating under a Commerce-approved onshoring plan (until 2 April 2030), and a 0% pathway for companies that combine an approved onshoring plan with an MFN-pricing agreement with HHS (until 20 January 2029). Generics, biosimilars and their ingredients, orphan drugs, nuclear medicines, plasma-derived therapies, fertility treatments, and cell/gene therapies are carved out.

The Directorate General of Trade Remedies (DGTR) initiated an anti-dumping investigation on 20 March 2026 into imports of Polytetrafluoroethylene (PTFE) originating in or exported from China PR and Russia (Initiation Notification No. 6/9/2026-DGTR), exercising powers under Rule 5 of the Anti-Dumping Rules 1995 and Sections 9A–9C of the Customs Tariff Act 1975. The investigation covers PTFE in all commercial forms — granular moulding powder, fine powder, and aqueous dispersion — under HS 3904.61, with the period of investigation (POI) set as April 2024 to September 2025 (18 months) and the injury investigation period spanning 2021-22 through the POI. The investigation was filed by Gujarat Fluorochemicals Limited (GFL) and other Indian domestic fluoropolymer producers alleging material injury from dumped imports; Russia's scope is unusual for India DGTR and constitutes the first formal trade-remedy reading of Russia's PTFE export pricing.

India's Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Bharat Audyogik Vikas Yojna (BHAVYA) on 18 March 2026 with a ₹33,660 crore (~USD 4.0bn) outlay over six years (FY 2026-27 to FY 2031-32) to develop 100 plug-and-play industrial parks of 100-1,000 acres each across all states and Union Territories. Financial assistance of up to ₹1 crore per acre supports core infrastructure (internal roads, underground utilities, drainage, common treatment, ICT), value-added infrastructure (ready-built sheds, built-to-suit units, testing labs, warehousing), and social infrastructure (worker housing). The scheme is sector-agnostic and is implemented by the National Industrial Corridor Development Corporation (NICDC) under DPIIT, with states forming Special Purpose Vehicles (SPVs) and committing to single-window clearances. The first phase will deliver 50 parks.

India's DGTR issued final findings on 18 March 2026 recommending anti-dumping duties on cryogenic Liquefied Natural Gas Fuel Tanks (LFT) originating in or exported from China PR, after determining that Chinese-origin LFTs were being sold in India at dumped prices causing material injury to domestic manufacturers. The investigation was initiated in December 2024 following a petition by Inox India Ltd. The DGTR found price undercutting and suppression of domestic prices, with the Finance Ministry to issue the implementing customs notification.

The UK Finance Act 2026, which received Royal Assent on 18 March 2026, establishes the primary statutory framework for the United Kingdom Carbon Border Adjustment Mechanism (UK CBAM), granting HM Revenue & Customs the assessment, collection, and enforcement powers needed to apply a carbon-content levy on imports of aluminium, cement, fertilisers, hydrogen, and iron & steel from 1 January 2027. Two tranches of draft secondary legislation (the CBAM Regulations 2026 covering administration, rate calculation/carbon-price relief, emissions and verification, and transitory provisions) were published for technical consultation on 10 February 2026 (closing 24 March 2026) and again in Spring 2026 (closing 21 May 2026). The mechanism imposes a UK ETS-linked benchmark price on the embedded carbon of in-scope imports, with a credit for verified third-country carbon prices already paid, and — unlike the EU CBAM — has no transitional reporting phase and a narrower initial sectoral scope (no electricity).

Presidential Decreto 0264, signed on 16 March 2026 by President Gustavo Francisco Petro Urrego with Minister of Commerce Diana Marcela Morales Rojas and Minister of Finance Germán Ávila Plazas, sets a 35% MFN import duty on 14 steel and metal-mechanical subpartidas (bars, profiles, tubes, wire products, barbed wire) covering HS chapters 72-73 imported from countries with which Colombia has no free-trade agreement — primarily China, Russia, Turkey, and India. The measure is valid for one year from its entry into force (15 days after Diario Oficial publication on 16 March 2026), after which the Comité de Asuntos Aduaneros, Arancelario y de Comercio Exterior must review its impact. It partially amends Decreto 1881 de 2021 and operationalises the Política Nacional de Reindustrialización (CONPES 4129), the Petro administration's flagship programme to reduce Colombia's hydrocarbon dependence by building new domestic manufacturing capacity.

India's Department for Promotion of Industry and Internal Trade (DPIIT) issued Press Note 2 of 2026 on March 15, 2026 (following Cabinet approval on March 10, 2026), recalibrating the Press Note 3 (2020) FDI framework for investments from countries sharing a land border with India. Global investors with up to 10% non-controlling Chinese (or other land-border) shareholding can now invest in India under the automatic route across sectors, while entities domiciled in China, Hong Kong, Pakistan, Nepal, Bhutan, Bangladesh, Myanmar and Afghanistan continue to require prior government approval. For 40 designated strategic sub-sectors — including rare earth permanent magnets, polysilicon and ingot-wafer manufacturing, printed circuit boards, electronic capital goods, Li-ion batteries and machine tools — proposals will be decided within a binding 60-day window, with majority Indian ownership and control mandated at all times. Effective from the date of the corresponding amendment to the FEMA Non-Debt Instruments Rules.

Brazil's Secretariat of Foreign Trade (SECEX) opened a formal antidumping investigation via Circular nº 18 (12 March 2026) into imports of machined graphite electrodes (NCM 8545.11.00, diameter ≥ 350 mm) from China and India, following a petition by GrafTech Brasil Participações Ltda (subsidiary of NYSE-listed GrafTech International / EAF). DECOM's preliminary assessment found indicative dumping margins of 54.9% for Chinese-origin and 57.3% for Indian-origin electrodes. The investigation covers assembled and unassembled electrodes used in electric-arc-furnace steelmaking, ferroalloy smelting, and metal-oxide reduction. A definitive antidumping duty of up to five years may result if DECOM confirms material injury and issues a positive final determination.

On 11 March 2026 USTR Ambassador Jamieson Greer initiated parallel Section 301 investigations into the acts, policies, and practices of 16 economies — China, the European Union, Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, Korea, Vietnam, Taiwan, Bangladesh, Mexico, Japan, and India — relating to structural excess capacity and overproduction in manufacturing sectors. The Federal Register notice (FR doc 2026-05214; dockets USTR-2026-0067 and USTR-2026-0068) was published on 17 March 2026. Covered sectors include aluminum, automobiles, batteries, cement, chemicals, electronics, energy goods, glass, machine tools, machinery, paper, plastics, processed food and beverages, robotics, satellites, semiconductors, ships, solar modules, steel, and transportation equipment. Written comments were due by 15 April 2026; USTR held the public hearing beginning 5 May 2026. This is the most sweeping multi-economy Section 301 initiative since the 2018 China investigation and is structurally distinct from the China-only 2024-05-14 §301 tariff hikes and the 2025-07-15 Brazil §301 investigation.

Gujarat Chief Minister Bhupendra Patel launched the Gujarat Science, Technology and Innovation (STI) Policy 2026–2031 on 1 March 2026 at the SemiConnect 2026 Conference in Gandhinagar, establishing a five-year ₹1,000 crore Swadeshi Anusandhan Fund (Indigenous Innovation Fund) for domestic R&D across strategic sectors including AI, semiconductors, quantum technologies, biotechnology, green energy, and defence. The policy targets state STI expenditure of 1% of GSDP by 2030, creation of 1 lakh skilled research professionals, 1,000+ IP filings annually, and builds three Gujarat Rajya Research and Innovation Cluster (GRRIC) corridors to anchor the state's growing semiconductor manufacturing ecosystem.

The US Department of Commerce published preliminary affirmative countervailing duty (CVD) determinations on February 26, 2026, finding that producers and exporters of crystalline silicon photovoltaic cells (whether or not assembled into modules) from India, Indonesia, and Laos received countervailable government subsidies. Preliminary subsidy rates are 125.87% for India; 85.99%–143.30% by individual Indonesian producer (104.38% all-others rate); and a uniform 80.67% for Laos. Commerce ordered US Customs and Border Protection to begin collecting cash deposits at these rates on subject imports pending a parallel antidumping investigation and final determinations later in 2026. The case originated from a petition filed in August 2025 by US crystalline silicon PV manufacturers.

India's Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, issued Notification No. 62/2025-26 on 24 February 2026 permitting the export of 25 Lakh Metric Tonnes (LMT) of wheat under HS Codes 10011900 (durum wheat - other) and 10019910 (other wheat) while keeping the headline export-policy classification as "Prohibited". A second tranche of 25 LMT was authorised by Notification No. 13/2026-27 on 27 April 2026, bringing the cumulative quota envelope to 50 LMT (5 million tonnes). Public Notice No. 05/2026-27 (30 April 2026) prescribed allocation modalities for the second tranche: 18 LMT for large exporters, 5 LMT for state trading entities and cooperatives, and 2 LMT for MSMEs, with online applications open 1-10 May 2026 and authorisations valid for six months. The mechanism partially unwinds the May 2022 blanket wheat export ban (DGFT Notification 06/2015-2020) which had been in continuous force for nearly four years, while preserving DGFT's authority to retighten via the prohibition baseline. Pre-existing government-to-government exports to meet third-country food security needs remain permitted outside the quota envelope.

On 21 February 2026 in New Delhi, during the State Visit of Brazilian President Luiz Inácio Lula da Silva, India and Brazil signed a Memorandum of Understanding on Cooperation in the Field of Critical Minerals between India's Ministry of Mines and Brazil's Ministry of Mines and Energy. The MoU establishes a bilateral framework spanning the entire critical-minerals value chain — exploration, mining, processing, recycling, and refining — with explicit focus on rare-earth elements, lithium, nickel, cobalt, niobium, manganese, and other strategic minerals. It was issued alongside a broader Joint Statement targeting USD 30 billion in bilateral trade by 2030 and a ten-year strategic-partnership roadmap covering AI, defence, energy, agriculture, and digital transformation.

President Trump signed a Presidential Proclamation on 20 February 2026 invoking Section 122 of the Trade Act of 1974 (19 U.S.C. § 2132) to impose a temporary 10% ad-valorem import surcharge on articles imported into the United States, effective 12:01 a.m. EST on 24 February 2026. The proclamation was issued within hours of the US Supreme Court's 20 February 2026 ruling in Learning Resources, Inc. v. Trump, which held that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to set tariffs and vacated the IEEPA-based reciprocal-tariff regime previously in effect. The Section 122 surcharge is statutorily limited to 150 days (terminates 24 July 2026 absent Congressional extension) and the statute caps any such surcharge at 15% ad valorem. Goods qualifying as USMCA originating from Canada or Mexico are exempt; CAFTA-DR textile/apparel articles meeting specified rules of origin are exempt; and a substantial product-exception list excludes critical minerals, energy products, certain pharmaceuticals, electronics, vehicles, aerospace products, specified agricultural goods, and goods already subject to Section 232 duties (the Section 122 duty does not stack on Section 232).

On 6 February 2026 Presidents Trump and Modi announced a framework for an Interim Trade Agreement that resets the bilateral tariff posture installed in 2025. Two operative instruments: (i) an executive order signed 6 February eliminating, effective 7 February 2026, the additional 25% IEEPA "Russian-oil" duty on Indian imports imposed by EO 14329 (27 August 2025), conditional on India's commitment to cease buying Russian crude and to expand defence cooperation; and (ii) reduction of the EO 14257 reciprocal-tariff rate on India from 25% to 18% on listed product categories (textiles and apparel, leather and footwear, plastics and rubber, organic chemicals, home décor, artisanal products, certain machinery), to take effect on finalisation of the Interim Agreement. India commits to eliminate or reduce tariffs on all US industrial goods and a wide range of agricultural products (DDGs, red sorghum, tree nuts, fresh and processed fruit, soybean oil, wine, spirits) and to purchase >USD 500bn of US energy, ICT, coal, aircraft and aircraft parts, and precious-metals products over five years. The framework also commits the parties to negotiating "robust, ambitious, and mutually beneficial digital trade rules" and to addressing non-tariff barriers in medical devices, ICT import licensing, and food/agricultural standards. US tariff reductions on Indian generic pharmaceuticals, gems, diamonds, aircraft parts, and certain automotive components are flagged as contingent on completion of the full Interim Agreement.

DGFT Notification No. 58/2025-26, issued 5 February 2026 under the Foreign Trade (Development and Regulation) Act 1992, reclassifies imports of articles of platinum under ITC (HS) code 71141920 from "Free" to "Restricted", bringing them under Policy Condition No. 6 of Chapter 71 of the ITC (HS). Importers must obtain the requisite DGFT authorisation before undertaking such imports. Re-import of Indian-made platinum articles previously exported for exhibitions/export-promotion tours, and re-import of goods sent abroad for repair, remain "Free" and are unaffected by the change.

NHPC Limited (a Government of India Navratna enterprise) published a Request for Proposal (tender reference 2026_NHPC_896635_1), announced and implemented 5 February 2026, for construction works on the Sawalkot Hydroelectric Project in Ramban district, Union Territory of Jammu & Kashmir, with a disclosed value of INR 5,129.03 crore (~USD 615 million). Per NHPC's standing compliance with the Government of India's Public Procurement (Preference to Make in India) Order, 2017, the tender embeds a bid-evaluation local-content preference margin favouring Class-I local suppliers across the civil-engineering, general-construction, and engineering-services categories. Global Trade Alert logs the intervention as a certainly-harmful public-procurement preference margin.

On 4 February 2026, East Coast Railway — a zonal railway of India's Ministry of Railways — launched a tender for the design and construction, on an EPC basis, of loop lines at existing stations, valued at INR 127.80 crore (approx. USD 15.4 million). The tender embeds a domestic-content preference under India's Public Procurement (Preference to Make in India) Order, 2017 (as amended), consistent with the wider batch of India localisation-preference tenders already tracked in this register. GTA records the intervention as announced/implemented on 4 February 2026.

Northeast Frontier Railway issued a tender for the design, supply, erection, and commissioning of tunnel ventilation and electrical systems, valued at INR 114.78 crore (~USD 12.7 million). The tender embeds a domestic-supplier bid-evaluation preference margin under India's Public Procurement (Preference to Make in India) Order, 2017, giving Class-I local suppliers an advantage in the electrical-equipment/civil-engineering procurement categories. Global Trade Alert records the intervention as announced/implemented 4 February 2026.

NHAI issued a Request for Proposal for construction of a 6-lane access-controlled greenfield highway from Adgaon to Ahilyanagar in Maharashtra state, valued by Global Trade Alert at INR 6,890.55 crore (~USD 800m). The tender embeds a domestic-supplier preference margin under India's Public Procurement (Preference to Make in India) Order, 2017, giving a bid-evaluation advantage to Class-I local suppliers across civil-engineering, general-construction, and engineering-services categories. GTA records the intervention as announced/implemented 4 February 2026.

On 1 February 2026 Finance Minister Nirmala Sitharaman tabled India's Union Budget 2026-27, with Customs Notification No. 02/2026-Customs (dated 1 Feb 2026, effective 2 Feb 2026) implementing the customs-duty package. The notification zero-rates basic customs duty (BCD) on (i) capital goods imported for domestic processing of critical minerals — crushing, beneficiation, refining, chemical-processing, separation/purification, and metallurgical/alloy-making equipment; (ii) capital goods for lithium-ion cell manufacturing for battery energy storage systems (BESS), extending the 2024-25 EV-cell exemption to stationary storage; and (iii) twelve additional critical minerals plus cobalt powder and lithium-ion battery scrap, on top of the 25 critical minerals already exempted in the FY2024-25 budget. In parallel, critical minerals (including monazite / rare-earth concentrate) are migrated from the customs-exemption notification mechanism into the First Schedule of the Customs Tariff Act at Nil BCD, effective 1 May 2026 — a tariffisation step that locks the rate into primary legislation rather than annually renewable notification. The Budget also commits to dedicated critical-mineral / rare-earth-magnet processing corridors in Andhra Pradesh, Odisha, Kerala and Tamil Nadu. Structurally this is the fiscal/tariff layer underneath the National Critical Mineral Mission (NCMM, Jan 2025) and the National Manufacturing Mission (Feb 2025): NCMM funds capex and overseas asset acquisition (₹34,300 cr), this Budget removes the import-duty drag on the equipment needed to actually run domestic processing lines. It complements the REPM scheme (Nov 2025) for sintered rare-earth magnets and Semicon Mission 2.0 (Feb 2026) on the demand side for refined critical minerals.

As part of the Union Budget 2026-27 tabled on 1 February 2026, India's Ministry of Defence budgeted INR 1,540.05 crore (~USD 178.4 million) in FY2026-27 "Investment in Public Enterprises" equity capital for the seven defence public-sector undertakings created from the October 2021 corporatisation of the former Ordnance Factory Board: Munitions India Limited (INR 745.50 crore), Advanced Weapons and Equipment India Limited (INR 329.00 crore), Yantra India Limited (INR 228.00 crore), Armoured Vehicles Nigam Limited/AVANI (INR 219.05 crore), Troop Comforts Limited (INR 10.00 crore), India Optel Limited (INR 6.00 crore), and Gliders India Limited (INR 2.50 crore). The figures appear under Demand No. 21 (Capital Outlay on Defence Services) of the Notes on Demands for Grants, 2026-2027, published by the Ministry of Finance's Department of Economic Affairs.

On 1 February 2026 India's Ministry of Finance tabled the Finance Bill 2026 alongside Customs Notifications 01/2026 to 03/2026-Customs, restructuring the customs tariff schedule across hundreds of HS lines. Duty rates rise on a range of consumer and finished-goods lines (e.g. umbrellas: 20% to "20% or ₹60/piece, whichever is higher"; potassium hydroxide: 0% to 7.5%; INVAR steel: 5% to 7.5%; radio-trunking parts: 5% to 15%; video-game parts: 5% to 20%) while falling on nuclear and renewable-energy inputs (fuel elements and control/absorber rods for nuclear reactors: 7.5% to 0%; sodium antimonate for solar glass: 7.5% to 0%) and on personal-use dutiable imports under heading 9804 (20% to 10%, effective 1 April 2026). Roughly 80 exemptions previously granted by standalone notification are being written into the First Schedule of the Customs Tariff Act at unchanged rates, effective 1 May 2026 — converting administratively-reversible exemptions into statutory ones.

On 1 February 2026 Finance Minister Nirmala Sitharaman, presenting the Union Budget 2026-27, announced the launch of India Semiconductor Mission (ISM) 2.0 — the second-phase national semiconductor industrial-policy framework succeeding ISM 1.0 (2021, INR 76,000 crore). The Budget makes an initial INR 1,000 crore provision for ISM 2.0 in FY 2026-27 and raises the Electronics Components Manufacturing Scheme (ECMS) outlay from INR 22,919 crore to INR 40,000 crore. ISM 2.0's distinct architecture centres on four strategic priorities not in ISM 1.0: (i) indigenous semiconductor equipment, chemicals, gases and materials production, (ii) full-stack Indian semiconductor IP design, (iii) industry-led R&D and skills/training centres, and (iv) domestic and global supply-chain integration. Total mission outlay reported as approximately INR 1-1.2 lakh crore (~USD 12-14bn) is being finalised; Cabinet clearance and the formal scheme launch are expected by mid-2026.

Brazil's Foreign Trade Chamber Executive Committee (GECEX/CAMEX) imposed a five-year definitive antidumping duty on imports of pre-painted flat-rolled carbon steel products (coated on one or both faces with paint or varnish, supplied in coils, rolls or sheets; commonly called "aço pré-pintado") originating in China and India, classified under NCM codes 7210.70.10, 7210.70.20 (width ≥600 mm) and 7212.40.10, 7212.40.21, 7212.40.29 (width <600 mm). The measure was adopted at the 233rd extraordinary GECEX meeting on 30 January 2026 chaired by MDIC Minister Geraldo Alckmin and entered into force upon publication in the Diário Oficial da União (Edição 22, Seção 1, Pág. 1) on 2 February 2026. This is the first definitive AD imposition of 2026 in Brazil's accelerating defensive posture against Chinese and Indian steel overcapacity in downstream processed categories.

The US Department of Commerce preliminarily determined that countervailable subsidies are being provided to Indian producers and exporters of oleoresin paprika (a spice-extract colorant/flavoring used in processed food, following a petition by domestic producer Rezolex, Ltd. Co.). Commerce set preliminary subsidy-rate cash-deposit requirements of 18.56% for Mane Kancor Ingredients Private Limited, 25.41% for Synthite Industries Pvt. Ltd, and 22.95% for all other Indian exporters, triggering suspension of liquidation on covered entries effective 2026-02-06. Commerce also made an affirmative critical-circumstances finding in part, allowing retroactive duty application. The investigation was initiated 2025-07-15; a final determination was originally scheduled for 2026-06-15, aligned with a companion antidumping investigation on the same product.

India's DGFT issued Notification No. 56/2025-26 on 29 January 2026, amending the import policy under Chapter 29 of ITC (HS) 2022 to impose minimum import prices (MIPs) on three antibiotic Active Pharmaceutical Ingredients (APIs): Penicillin G-potassium (₹2,216/kg CIF), Amoxycillin trihydrate (₹2,733/kg CIF), and 6-Aminopenicillanic Acid/6-APA (₹3,405/kg CIF). Imports below these price floors are reclassified from "Free" to "Restricted" status, requiring a DGFT import authorisation before Customs clearance. The measure takes immediate effect and is valid for approximately ten months (until 30 November 2026), with an implied renewal pathway. It is explicitly aimed at preventing very-low-priced imports and supporting domestic manufacturers built under the PLI Bulk Drugs scheme, targeting China's dominant position in global antibiotic-fermentation supply.