Mustafa Khoshcheshm, a professor at Tehran University of Applied Science, said after attempts to reopen the Strait of Hormuz faltered US President Trump is seeking a way to end the confrontation without admitting defeat. He told Iranian media Trump refuses to concede defeat and has been seeking an exit that can be portrayed as a victory; he added that, in his view, vessels currently transiting the Strait are using Iranian-controlled routes, which he interprets as evidence the US has been losing

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After the U.S. Supreme Court ruled portions of tariffs imposed under the International Emergency Economic Powers Act lacked legal authority, refunds have begun appearing in corporate filings. More than 40 S&P 500 companies have disclosed roughly $9.6bn in refunds, led by Apple (~$2.2bn), Nike (~$986m) and FedEx (~$800m). Apple reported EPS of $2.02 for the quarter, with refunds adding $0.11 and boosting gross margin by about 2 percentage points. These payments are reversals of past tariff costs, not signs of stronger demand or operating improvement, and should not be extrapolated as recurring profit gains. The impact will vary by firm: FedEx says it largely paid duties on behalf of customers and plans to return about $800m to shippers and consumers, while some retailers may retain refunds or use them to cut prices. In the near term refunds support cash flow and margins for import-heavy firms, but they should be stripped out when assessing underlying earnings trends.