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Finance May 9, 2026 2 min read

President Trump issued a July 4 ultimatum for the EU to ratify the Turnberry trade agreement, threatening to raise tariffs to 'much higher' levels if Brussels misses the U.S. 250th birthday deadline. The EU Commission affirmed its commitment but acknowledged talks are incomplete. On the same day, a U.S. trade court ruled Trump's 10% global tariff unlawful — the second judicial rebuke of administration trade overreach this year.