A US trade court on Thursday struck down President Trump's 10% global tariffs that were imposed in February, ruling that the across-the-board tariffs were not justified under existing trade law. The US Court of International Trade ruled 2-1 in favor of small businesses that challenged the tariffs, which had taken effect on February 24.

The tariffs were implemented shortly after the Supreme Court struck down Trump's previous round of import taxes, referred to as "Liberation Day" tariffs. The court imposed a permanent injunction on the 10% tariff that applied to nearly all US imports, marking a victory for importers and a setback for the administration.

Separately, Trump announced he has given the European Union until July 4 to ratify its trade deal with the United States or face "much higher" tariffs. The president said he spoke with EU Commission President Ursula von der Leyen about the issue and agreed to extend the deadline until America's 250th birthday.

Trump posted on his Truth Social platform that if the EU fails to implement the trade deal by the July 4 deadline, "their Tariffs would immediately jump to much higher levels." The ultimatum comes after European officials have yet to reach full agreement on implementing the trade pact that was negotiated last year.

The trade deal would require the EU to drop tariffs on American goods to zero as part of the broader agreement. Trump has expressed impatience with the speed of the EU's implementation process, leading to the new deadline being set for Independence Day.