Briefly

UNITED STATES

Tariff refunds process to kick off next week

The US government has informed the New York-based Court of International Trade that it will launch a system next Monday to issue refunds totaling $166 billion to US importers. The US Supreme Court ruled in February that US President Donald Trump's sweeping tariffs are unconstitutional, officially striking down the global tariffs Trump had introduced since April 2025.

Trump renews pressure on Federal Reserve Chair

US President Donald Trump renewed pressure on Wednesday on Federal Reserve Chair Jerome Powell, with the US leader threatening to fire the central bank chief if he stays beyond his mandate. Trump has repeatedly lashed out at Powell over the past year for not cutting interest rates more aggressively. Powell's term will expire on May 15, although he can remain in his role as chairman if no successor has been confirmed. Trump has named former central banker Kevin Warsh to succeed Powell, but he must be confirmed by the Senate before taking up the role.

RUSSIA

GDP down 1.8% in first two months of 2026

Russia's GDP has decreased by 1.8 percent in the first two months of 2026, Russian President Vladimir Putin said on Wednesday. Putin said fewer working days and weather factors are among the reasons for the GDP decline. He added that the trend in the manufacturing sector, overall industrial production and construction has turned negative, stressing the importance of maintaining a balanced budget for Russia and ensuring fiscal stability.

UNITED KINGDOM

Proposed entry fees for museums spark backlash

Britain is considering introducing entry fees for tourists visiting some of England's most renowned museums, a proposal that has drawn criticism from restitution groups and countries as disputed artifacts remain on display. The proposal, if implemented, would be "unethical", said Eric Phillips, vice chair of the Caribbean Community's reparations commission. Arley Gill, chairman of Grenada's national reparations committee, said the priority should be to return the artifacts to their "rightful owners".

Xinhua - Agencies