Ticker: US Customs refines its tariff refund system
The day's business news at a glance
A federal judge has questioned a U.S. Customs and Border Protection official about the government’s process for refunding billions of dollars importers paid before the Supreme Court struck down some of tariffs imposed by President Donald Trump.
Court of International Trade Judge Richard Eaton said he wants to decide whether to order the government to speed up and expand the refund process. He said on Tuesday that he believes the government wants to return all of the $166 billion it collected without constitutional authority to do so. But he said a Justice Department appeal of his order requiring the agency to refund all companies that paid tariffs threatened to derail the process.
Researchers turn hand gestures into robot data
Humanoid robots struggling with tasks like grasping a cup have a new teacher — a person wearing an ultrasound wristband that captures the movement of muscles, tendons and ligaments beneath the skin.
Researchers at the Massachusetts Institute of Technology developed the tool to collect data of human hand motion that could eventually help robots achieve the dexterity that has been difficult for machines to master. As much of the tech world is still captivated with artificial intelligence assistants that are taking on computer-based tasks, the researchers are among the scientists trying to imbue AI with more sensory data from the physical world.
Kalshi to collect employment information
Kalshi will start collecting customer employment information for trading in certain high-risk markets. This move follows incidents of insider trading on platforms like Kalshi and Polymarket.
Kalshi will now score markets for insider trading risk and require employment details for high-risk trades. The reforms come following multiple incidents of prediction market traders using insider information to profit off events. Just last week, former Congressman George Santos was investigated for allegedly betting against his attendance at the State of the Union address. In April, a U.S. Army soldier was charged with using classified information to make $400,000 trading on Polymarket.
FDA OKs first new sunscreen ingredient
Federal health regulators have signed off on the first new sunscreen ingredient for the U.S. market in more than 25 years. The announcement Tuesday by the Food and Drug Administration will give Americans access to a skin-protecting chemical long used in Europe.
The FDA says the chemical, bemotrizinol, meets the agency’s standards for protecting from dangerous sun rays while causing little irritation. It will initially be sold in the U.S. under the brand name Parsol Shield. Efforts to introduce new sunscreen products have long been delayed by the FDA’s bureaucratic system for updating its list of safe drug ingredients.
Carney: Canadian-built bridge will open
Canadian Prime Minister Mark Carney says a new Canadian-built bridge across the Detroit River that U.S. President Donald Trump threatened to block will open soon.
A ribbon-cutting ceremony for the Gordie Howe International Bridge is set to take place Friday while the bridge itself is expected to open to traffic later this month. Trump demanded in February that Canada turn over at least half the ownership of the bridge to the U.S. federal government and agree to other unspecified demands in his latest salvo over cross-border trade issues. The bridge connects Ontario and Michigan and would be a vital economic artery between the two countries. It had been expected to open in early 2026. Carney made his comments on Tuesday.
EU orders Meta to restore WhatsApp access for rival AI chatbots
European Union regulators have ordered Meta Platforms to restore access to WhatsApp for rival AI chatbot makers.
The decision comes as the EU’s executive Commission investigates potential antitrust violations. The commission is imposing interim measures to prevent harm to competition in the growing AI assistant market. They began scrutinizing Meta’s updated terms last year, concerned that third-party AI companies were blocked from offering their assistants on WhatsApp. Meta’s attempt to charge rivals for access didn’t satisfy regulators. They threatened in April to force the company to reinstate access for free.
US home sales surge to the fastest pace this year despite rising mortgage rates and prices
Sales of previously occupied U.S. homes accelerated last month to their fastest pace since December, a sharp turnaround in demand for the housing market after a lackluster start to the spring homebuying season.
The National Association of Realtors said Tuesday that existing home sales rose 3.2% in May from the previous month to a seasonally adjusted annual rate of 4.17 million units. Sales also rose 3.2% compared to May last year. The latest sales figure topped the roughly 4.07 million pace economists were expecting, according to FactSet. The national median sales price increased 1.3% in May from a year earlier to $429,300.
Colombian presidential candidate urges prosecutors to investigate alleged voter coercion
Colombian presidential candidate Abelardo de la Espriella is urging prosecutors to investigate possible voter coercion by rebel groups in favor of governing party candidate Iván Cepeda. De la Espriella made the call for an inquiry on Tuesday.
His campaign says Cepeda received more than 70% of votes in areas with active illegal armed groups during the May 31 election. Cepeda is an ally of President Gustavo Petro. Cepeda hasn’t responded to the accusations. The European Union electoral mission received complaints of voter pressure but didn’t specify for which candidates. De la Espriella is leading the first round. He promises a tougher stance on rebels which contrasts with Cepeda’s negotiation approach.
