The week gone by witnessed a host of significant developments that could shape the weeks ahead. These included a US Supreme Court ruling that President Donald Trump's tariffs would no longer apply, India hosting its Global AI Impact Summit which saw major deals and investments from leading AI and technology companies, benchmark stock indices falling to their lowest level since Budget Day, and India and France holding talks on the purchase of Rafale jets.
Here's a recap of the week that was:
US Supreme Court Tariff Strikedown
The US Supreme Court ruled against President Donald Trump's reciprocal tariff system, striking it down on the grounds that he had exceeded his authority by using the 1977 International Emergency Economic Powers Act (IEEPA) to impose tariffs without congressional approval.
Speaking at a White House press briefing, Trump said he would instead use powers vested in him under Section 122 of the Trade Act of 1974 to introduce new tariffs of up to 10% on all trading partners, to be implemented within the next three days. This change is not expected to affect the trade deal negotiated between India and the United States.
ALSO READ: India To Pay 10% Tariffs After US Supreme Court Ruling
India AI Impact Summit 2026
The India AI Impact Summit was held from Feb. 16 To 21 and saw several major investment announcements. Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, reiterated that India is on track to attract more than $200 billion in AI and data infrastructure investments over the next few years.
He stated that India already has $70 billion committed and a further $90 billion announced, with total investment expected to surpass $200 billion. Key entities that announced investments include Microsoft, Google, OpenAI, Tata Consultancy Services, Adani Group and Reliance Industries.
*AI Impact Summit 2026 Day 5: Pax Silica Declaration Signed Between India and US; IMF MD Says AI Can Lift Global Growth by 0.8%*
India-France Rafale Deal Talks Progress
French President Emmanuel Macron confirmed that the proposed deal between India and France for the purchase of 114 Rafale jets would fall under the ‘Make in India' scheme, with 90 of the 114 aircraft to be manufactured in India. He shared the update on the sidelines of the India AI Impact Summit.
The French President also announced that Prime Minister Narendra Modi would be a special guest at the G7 during his visit to France in July.
“As for the bilateral relationship, I really believe it's at the highest point. And we want to do much more again because it's based on all our relations. This is why I invited Prime Minister Modi for the state visit in July in France,” Macron said.
ALSO READ: 'Make In India Will Be Core': France's Macron Sees Rafale Deal Boosting Defence Capabilities
Record Stock Market Dip Since Budget Day
India's benchmark Nifty and Sensex indices snapped a three-day gaining streak to log their worst single day since Feb. 1 Budget Day on Feb. 19. The Nifty 50 ended 400 points or 1.6% lower at 25,413.40 and the Sensex dropped over 1,200 points or 1.5% to 82,498. Mid and small cap gauges too sunk.
All 16 sectoral gauges compiled by the NSE traded lower, led by the NSE Nifty Realty Index's 2.5% fall. Media, auto, FMCG, defence closed over 2% lower. The market breadth was firmly tilted in favour of sellers. Nearly 2,900 stocks declined and about 1,200 shared advanced on BSE.
ALSO READ: Nifty, Sensex Log Worst Session Since Budget Day; Shed Rs 2.9 Lakh Crore In Market Cap
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