Market Highlight 24.02.2026

The U.S Supreme Court’s rejection of President D. Trump’s reciprocal tariffs is causing significant repercussions for a series of trade agreements currently under negotiation between the U.S and multiple export partners, against a backdrop in which tariffs will not be fully eliminated in practice. On Monday, the European Union suspended the ratification process for its trade agreement with Washington. The move raised concerns over economic uncertainty in an already strained transatlantic relationship. Meanwhile, Indian trade officials postponed their trip to the U.S, which had been aimed at finalising an interim agreement between the two sides. The U.S Government moved quickly to announce a plan to replace the previous tariffs with a new flat 15% tariff applied broadly to imports into the U.S. U.S equities fell sharply last night, while the USD weakened as rising uncertainty weighed on market sentiment. However, these impacts remained less severe than the sharp market swings seen in April 2025, when President D. Trump first announced reciprocal tariffs. Any escalation in trade tensions risks triggering a new round of tariff confrontation, disrupting growth in the global economy, which has already been struggling to move beyond the trade war during President D. Trump’s second term.

The USD fluctuated sharply in both directions during yesterday’s session as markets assessed whether President D. Trump’s move to raise the global tariff rate to 15% would be positive or negative for the USD. Domestically, the interbank exchange rate rebounded and traded around 26.100 by the end of yesterday afternoon’s session. In the near term, market direction will be shaped by domestic foreign-currency supply-demand dynamics and the FED’s next interest-rate policy guidance.

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