The first week of March 2026 witnessed the US Supreme Court striking down US President Donald Trump's global tariffs, while West Asia grappled with a major escalation in the Middle East, with US-Israeli strikes against Iran leading to looming tensions in the energy markets, escalated regional turmoil, and diplomatic rifts.
Following the escalation of the US-Israel-Iran conflict (Operation Epic Fury) in early March 2026, the Strait of Hormuz closure has sent shockwaves across global energy markets. Located between Oman and Iran, the strait is a vital chokepoint for the global oil trade.
Top 5 World Current Affairs This Week
Here are the top 5 headlines around the globe from 1st March to 8th March 2026 explained in a short, concise manner.
1. US Supreme Court Strikes Down Tariffs, Trump Reissues 10 Per Cent Blanket Tariffs
Why in news? On March 4, 2026, the US Supreme Court struck down US President Donald Trump's global tariffs. In a 6-3 ruling, the court ruled that the president cannot unilaterally impose global tariffs under the International Emergency Economic Powers Act (IEEPA). However, on March 6, President Trump bypassed the ruling and reintroduced 10 per cent blanket tariffs using Section 122 of the 1974 Trade Act, which allows for 150-day temporary levies.
2. India-Canada Sign $2.6 Billion Uranium Deal, Reset CEPA Ties
Why in news? India and Canada signed a $2.6 billion uranium supply deal with Cameco to supply 22 million pounds of uranium to India between 2027 and 2035, restarted Comprehensive Economic Partnership Agreement (CEPA) trade negotiations with the aim to double trade to $50 billion by 2030. Both nations also launched the first India-Canada Defence Dialogue, along with cooperation on critical minerals and clean energy, and initiatives in research internships, innovation, and food technology.
3. 11th Edition of Raisina Dialogue 2026
Why in news? The 11th Raisina Dialogue was held from March 5 to 7, 2026, in New Delhi. PM Modi inaugurated along Finnish President Alexander Stubb as the Chief Guest. Widely considered as India's flagship conference on geopolitics and geoeconomics, the annual event was hosted by the Observer Research Foundation (ORF) in partnership with the Ministry of External Affairs (MEA). The theme of 2026 edition was 'Samskara'.
4. EU Countries Approve 2040 Climate Target
Why in news? On March 5, 2026, European Union (EU) member states gave final approval to a new climate target to cut down greenhouse gas (CHG) emissions 90 per cent by 2040, compared to 1990 levels. The new climate target requires at least 85 per cent domestic reductions within the EU, with 5 per cent of the target through international carbon credits.
5. Chile Becomes First In the Americas To Eliminate Leprosy
Why in news? On March 4, 2026, Chile became the first country in the Americas and the second globally (after Jordan) to eliminate leprosy. The World Health Organisation (WHO) and the Pan American Health Organisation (PAHO) verified that Chile has reported no locally acquired cases of leprosy for more than 30 years. The last case of leprosy in Chile was recorded in 1993.
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