Textile stocks were in focus on Monday, February 23 led by Kitex Garments that rose by 10.4%, Welspun Living increased by 4.2%, and Trident climbed by 7.5% after the US Supreme Court declared the Trump tariffs illegal.
Shortly after this decision, former President Trump announced a new 15% global tariff that would affect all countries.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, believes this new 15% global tariff, introduced under section 122, will face legal challenges.
Vijayakumar predicts a strong chance that the tariff will be canceled because section 122 allows the president to impose tariffs only during a serious Balance of Payments crisis, which the US currently does not have.
