← May 8, 2026 briefingEconomy
US Court Strikes Down Trump's 10% Global Tariffs
The US Court of International Trade has ruled Trump's sweeping 10% across-the-board import tariffs illegal, finding they were not authorized under the 1970s trade law used to justify them — a 2-1 decision in favor of small businesses that challenged the levies. The ruling lands the same day Trump issued the EU an ultimatum: ratify a trade deal by July 4 or face 'much higher' tariffs. The tariffs struck down today took effect on February 24.
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Strait of Hormuz traffic returns to normal by May 15?3% chance
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