Supreme Court rules IEEPA does not authorize presidential tariff power
In a unanimous decision, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president authority to impose tariffs on imports, invalidating the legal foundation for prior tariffs and transferring tariff authority back to Congress.
India proposes ceasefire initiative amid Russia’s escalation of drone strikes on Ukrainian infrastructure
Russia intensified aerial attacks on Kyiv, closing three Dnipro River bridges, as India proposed a three-part ceasefire plan covering energy infrastructure, grain and energy flows through Black Sea ports, and an end to strikes on commercial vessels. Ukrainian officials welcomed the proposal as the broadest of four under discussion, though Russia has not publicly responded.
RBI Hikes Repo Rate 25 bps to 5.5% Amid Robust Q1 FY27 GDP Growth of 7.8%
The Reserve Bank of India, under new Governor Sanjay Malhotra, unanimously raised the benchmark repo rate by 25 basis points to 5.50% and shifted policy stance to calibrated tightening, citing persistently elevated inflation and stronger-than-expected economic activity. The decision also upgraded the FY27 GDP growth forecast to 7.8% from 7.2%, marking the first rate hike since February 2023 and signaling the beginning of a policy cycle shift.
Federal judge blocks Trump administration's $1.8 million migrant fines policy
A federal judge in Boston issued a temporary injunction blocking the Trump administration's policy to fine migrants up to $1.8 million for failing to leave the U.S. after deportation orders, ruling the Department of Homeland Security lacked authority to impose such civil penalties. The ruling represents a temporary halt to one of the administration's more aggressive immigration enforcement measures while the legal challenge proceeds.
ABC sues FCC over early broadcast license renewals, citing First Amendment concerns
ABC and Disney have sued the Federal Communications Commission in federal court, alleging the agency's unprecedented early renewal proceedings for eight ABC-owned stations constitute an existential threat to press freedom. The lawsuit claims the review is politically motivated, targeting ABC's editorial content rather than regulatory compliance, and asks the court to block the FCC from proceeding while litigation continues.
Trump campaigns in Baltimore on $3.7B Anduril submarine deal
President Donald Trump traveled to Baltimore County to promote a $3.7 billion private investment by Anduril Industries to build nuclear-powered submarine components at the Sparrows Point facility, positioning the project as a major boost to U.S. naval manufacturing capacity. The event highlighted the political dynamic between Republican leadership and Democratic state officials, as Governor Wes Moore was absent despite acknowledging the investment.
UN Chief Urges Permanent Gaza Ceasefire on Third Anniversary of Oct. 7 Attacks
UN Secretary-General António Guterres marked the third anniversary of the Oct. 7 attacks by calling for a permanent ceasefire in Gaza, emphasizing the need to end the suffering of both Israelis and Palestinians while condemning the Hamas attack and acknowledging heavy casualties on both sides.
2026 Nobel Prize in Physiology or Medicine awarded to pioneers of optogenetics
The 2026 Nobel Prize in Physiology or Medicine was awarded to Karl Deisseroth, Peter Hegemann, and Georg Nagel for their groundbreaking discoveries of light-gated ion channels, which founded the field of optogenetics and revolutionized the understanding and treatment of neurological and psychiatric disorders.