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No Relief: America’s Small Businesses Left Out of Trump Tariff Refunds (Financial Times)
Although US Customs and Border Protection was ordered by a court to set up a new system to refund levies after the president’s tariff regime was thrown out by the Supreme Court earlier this year, only the “importer of record” can use its website to register a claim.
This excludes small businesses that did not directly import products themselves, but in effect paid the tariffs, either through higher costs or itemized surcharges, the Financial Times reports.
DC Gunfire Exchange: Secret Service Officers Shoot Gunman Near the White House (Bloomberg)
A man was shot by Secret Service officers near the White House Monday afternoon after agents spotted him carrying a concealed firearm and he opened fire, according to the agency’s deputy director.
Plainclothes surveillance agents patrolling the outer perimeter of the White House complex spotted what they described as a visible outline of a firearm on the suspect and called in uniformed Secret Service police to make contact, Deputy Director Matt Quinn said.
The suspect ran, drew a weapon and shot at the officers, who returned fire, striking him. He was taken to an area hospital and his condition was not disclosed.
A child bystander was also hit during the exchange and was taken to a hospital with non-life-threatening injuries, Quinn said. Investigators believe the child was hit by the suspect, not by officers, though Quinn said the matter would be part of an ensuing investigation.
Court Steps In: US Supreme Court Temporarily Restores Access to Abortion Pill by Mail (New York Times)
The Supreme Court on Monday restored nationwide access to a widely used abortion medication in a temporary order that will, for now, allow women to once again obtain the pill mifepristone by mail.
In a brief order, Justice Samuel A. Alito Jr. paused a lower-court ruling from Friday that had prevented abortion providers from prescribing the pills by telemedicine and shipping them to patients, causing confusion for providers and patients. The one-sentence order imposes a pause until at least May 11. He requested that the parties file briefs by Thursday, and then the full court will determine how to proceed.
Dual Ceasefires: Moscow, Kyiv Move Separately on Truce Plans Amid Retaliation Threats (Bloomberg)
Russia and Ukraine announced distinct ceasefires on different days this week, with Moscow warning Kyiv not to violate its unilateral plans to stand down temporarily on Saturday when it marks the defeat of Nazi Germany in World War II.
Russian President Vladimir Putin designated a ceasefire for May 8-9, the Defense Ministry said in a post on Telegram. But Ukrainian President Volodymyr Zelenskiy said there was no coordination with his government. He declared his own ceasefire regime starting at midnight on the night of May 5, saying Ukraine will act reciprocally starting from that moment.
China's Charge: Tesla’s Semi Is Getting Overtaken by China Inc. (Bloomberg Opinion - David Fickling)
Electric trucking is about to have its BYD Co. moment. Long considered an implausible alternative to conventional, diesel-powered road freight, EV trucks have been quietly growing into a formidable business, David Fickling writes.
Tesla’s Semi, first promised in 2017, is getting most of the headlines after finally going into mass-market production last week. But the real action is in China, where roughly 11% of the heavy long-distance trucks and 20% of the smaller ones sold over the past year were battery-only.
Backed by the world’s leading battery businesses, including Contemporary Amperex Technology, or CATL, the revolution is on the brink of going global, according to Fickling.
The crisis in the Strait of Hormuz, by forcing up the price of diesel and raising troubling questions about whether fuel will even be available in coming months, will accelerate the switch across Asia and beyond.
Winner's Circle: Why Almost Everyone Loses—Except a Few Sharks—on Prediction Markets (Wall Street Journal)
Kalshi and its competitor Polymarket advertise themselves as life-changing tools for regular people—implying everyone has a fair chance to score. But for most users, the reality is nothing like that.
Instead, casual traders are bleeding cash while a small number of sophisticated pros—including trading firms with access to vast streams of data—eat their lunch, according to a Journal analysis of platform data and interviews with traders.
On Polymarket, the Journal found, 67% of profits go to just 0.1% of accounts. That means fewer than 2,000 accounts netted a total of nearly half a billion dollars. The Journal analyzed 1.6 million Polymarket accounts that have traded since November 2022. There are at least 2.3 million total accounts on the site.
Total trading volume on both platforms rose to $24.2 billion in April, up from $1.8 billion a year earlier, according to analytics firm The Block.
Opening Sweep: Knicks Dominate 76ers to Win NBA Playoffs Second-Round Game 1 (New York Times - The Athletic)
The New York Knicks blew away the Philadelphia 76ers by 39 points in Game 1 of their seven-game, Eastern Conference semifinal series.
Paul George led Philadelphia with 17 points — but you had to go back to 3:21 in the first quarter for the last 76ers lead. Game 2 is back at Madison Square Garden on Wednesday night.
In Photos: The Met Gala's Costume Art Displays Fashion Masterpieces on the Red Carpet (New York Times)
The 2026 Met Gala brought the world’s biggest stars—including co-chairs Beyoncé, Nicole Kidman, and Venus Williams—to the Metropolitan Museum of Art in New York City for one of fashion's biggest nights.
This year’s exhibit, “Costume Art,” places fashion on the same pedestal as fine art. From May 10 through January 10, 2027, the museum’s brand-new, almost 12,000-square-foot Condé M. Nast Galleries will
be filled with hundreds of pieces of art that center the dressed body, paired with thematically relevant fashions.
In concert with the theme,
the evening’s dress code, “Fashion is Art,” asked attendees to serve as something of a blank canvas themselves, and they certainly delivered, bringing out creative takes with touches of feathers, hands, crystals and even bubbles.
Explore the full red carpet gallery here, including some standout looks below:
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