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On 1 May 2026 Donald Trump announced that, effective next week, the U.S. duty on cars and trucks imported from the European Union will jump from the negotiated 15 % back up to 25 %, citing EU delay in ratifying last year’s Turnberry trade accord.
After 55 years in the cartel, the United Arab Emirates formally withdrew from OPEC/OPEC+ on 1 May 2026 to escape quota limits and fast-track a production surge, signalling a major geopolitical realignment during the ongoing U.S.–Iran war.
Early 2 May 2026, Spirit Airlines cancelled every flight and began liquidating after last-minute negotiations between the White House, bondholders and the bankrupt carrier collapsed.
Effective 1 May 2026 the United Arab Emirates ended its 58-year OPEC membership, so at its 4 May virtual meeting OPEC+ reassigned only 188,000 bpd of June quotas while physical exports remain choked by the Iran-linked Hormuz blockade.
On 1 May 2026 President Trump declared that U.S. duties on cars and trucks arriving from the European Union will jump from 15 % to 25 % next week, citing EU ‘non-compliance’ and overriding last July’s Turnberry Agreement.
Effective 1 May 2026, Beijing abolished import duties on all 8,949 tariff lines from every African country it recognizes, expanding a 2024 scheme for LDCs to cover all 53 partners.
On 1 May 2026 President Trump voided last year’s U.S.–EU Turnberry trade deal and said U.S. tariffs on European cars and trucks will jump from 15 % to 25 % next week unless production is moved stateside.
On 2 May 2026, Beijing issued a ministerial injunction forbidding all Chinese parties from recognising or obeying U.S. Treasury sanctions placed on five refineries accused of buying Iranian oil.
Between Apr 29–May 1 2026 Apple reported an all-time high $111.18 billion March-quarter revenue and confirmed that long-time CEO Tim Cook will retire on 1 September, with hardware chief John Ternus succeeding him.
President Donald Trump announced that, starting next week, imports of cars and trucks from the European Union will face a 25 % U.S. tariff—up from the 15 % rate set in last July’s ‘Turnberry’ trade accord—citing EU non-compliance.
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