The briefing for Monday, April 20.

The United States forcibly seized an Iranian cargo vessel near the Strait of Hormuz on Sunday after the ship attempted to evade a US naval blockade, President Trump announced. The Navy fired on the Touska's engine room after the vessel ignored six hours of warnings to stop, according to US Central Command. Iran's joint military command immediately vowed retaliation and called the boarding an act of piracy that violates ceasefire terms.

The incident throws planned peace talks into question just three days before the two-week ceasefire expires on Wednesday. Trump had announced that Vice President JD Vance would lead a US delegation to Pakistan on Monday for a second round of negotiations, but Iran's Foreign Ministry said there are currently no plans to attend. Iranian officials cited the naval blockade and what they called Washington's 'maximalist demands' as obstacles to progress. Pakistan has intensified diplomatic contacts with both sides but preparations in Islamabad remain uncertain.

The standoff centers on the Strait of Hormuz, which Iran has effectively closed to commercial traffic despite briefly reopening it last week. About 20% of the world's oil and liquefied natural gas normally passes through the waterway. Key issues remain unresolved from the first round of talks, including Iran's nuclear program, control of the strait, and regional proxies. At least 3,375 people have been killed in Iran since the war began on February 28, according to new casualty figures released Monday by Iranian authorities. Oil prices jumped more than 5% in early trading as markets reacted to the renewed volatility.

Businesses can begin claiming refunds on Monday for tariffs that the Supreme Court ruled President Trump imposed unconstitutionally. US Customs and Border Protection will launch an online portal at 8 a.m. allowing importers to submit claims for duties paid on goods from the trade levies Trump imposed last April citing a national emergency. The court found in February that Trump had usurped Congress's constitutional authority to set tax rates.

More than 330,000 importers paid approximately $166 billion on over 53 million shipments affected by the ruling. However, not all will qualify immediately for the first phase of refunds, which is limited to cases where tariffs were estimated but not finalized or are within 80 days of final accounting. As of April 14, about 56,497 importers had registered for the system and are eligible for refunds totaling $127 billion, including interest. Approved claims will take 60-90 days to process, and the government plans to handle refunds in phases.

Legal and accounting experts caution that the process requires careful attention to detail. Each declaration must accurately list all document numbers for imported goods, and errors could result in rejections. Any reimbursements that businesses pass on to consumers will likely trickle down slowly given the technical complexities. Small businesses like After Action Cigars in Minnesota, which paid $34,000 in tariffs last year, have been eagerly preparing applications since the launch date was announced.

Market data reveals a pattern of unusually large trades placed minutes before President Trump's major foreign policy announcements, raising questions about possible insider trading. The BBC analyzed trading volumes across multiple incidents and found consistent spikes in oil futures and stock options immediately preceding Trump's public statements about the Iran war and other policy shifts. In several cases, traders bet millions of dollars on market movements that occurred within minutes of the president's posts.

On March 9, oil futures bets surged 47 minutes before a CBS News interview where Trump said the Iran war was 'very complete, pretty much.' Oil prices subsequently plunged 25%, generating potential profits for those who had positioned themselves in advance. A similar pattern occurred on March 23 when large bets on falling oil prices appeared 16 minutes before Trump posted about 'complete and total resolution' to hostilities. The most dramatic example came on April 9 when traders placed over $2 million in bets on rising stock markets just before Trump announced a 90-day pause on tariffs, potentially generating nearly $20 million in profits.

Several Democratic senators have urged the Securities and Exchange Commission to investigate the trading activity. Some market analysts say the patterns bear hallmarks of illegal insider trading based on non-public information, though others note that some traders have become skilled at anticipating Trump's moves. The incidents span multiple asset classes and timeframes, with pre-announcement surges appearing in oil markets, stock index futures, and options contracts across several months of the Iran conflict.

North Korea conducted its second test this month of ballistic missiles equipped with cluster bomb warheads, state media reported Monday. Leader Kim Jong Un and his teenage daughter observed the launch of five Hwasong-11 Ra missiles from a coastal location, according to the Korean Central News Agency. The projectiles struck an island target using warheads designed to scatter smaller bomblets over wide areas that are difficult to intercept.

The tests appear designed to demonstrate North Korea's capability to penetrate US and South Korean missile defenses. Analysts suggest the Iran war may have accelerated Pyongyang's development of cluster munitions after Israel accused Iran of using such weapons to challenge air defenses. KCNA said the missiles 'can reduce to ashes any target covering an area of 6.5-7 hectares.' Kim expressed satisfaction with the launches and emphasized the importance of 'high-density striking capability.'

The missile tests come as Trump has expressed interest in resuming diplomacy with Kim, though the North Korean leader has said any talks must drop demands for nuclear disarmament as a precondition. Trump is scheduled to travel to Beijing for a rescheduled summit with Chinese President Xi Jinping in May, which some observers believe could provide a diplomatic opening with Pyongyang. North Korea has been expanding its weapons arsenal since nuclear talks with Trump collapsed in 2019, including multi-warhead missiles, hypersonic weapons, and submarine-launched ballistic missiles.

A powerful 7.5-magnitude earthquake struck off northern Japan's coast on Monday, prompting tsunami warnings across multiple prefectures. The Japan Meteorological Agency detected the quake at approximately 4:53 p.m. local time at a depth of about 10 kilometers below the sea surface off the Sanriku coast. An 80-centimeter tsunami wave was recorded at Kuji port in Iwate prefecture, with smaller waves detected at other locations.

Authorities issued tsunami alerts for Iwate, Aomori, and southeastern Hokkaido, warning of possible waves up to 3 meters high. Evacuation advisories were issued to residents in 11 towns across Iwate prefecture, urging people to immediately move away from coasts and rivers to higher ground. The meteorological agency also cautioned about possible aftershocks for approximately one week following the initial quake.

The earthquake struck 15 years after the devastating March 11, 2011 disaster that killed more than 22,000 people and triggered the Fukushima nuclear catastrophe. That magnitude 9.0 quake and resulting tsunami forced nearly half a million people to flee their homes. About 26,000 residents displaced by radiation from the damaged Fukushima Daiichi nuclear plant have not returned to their communities. Another 7.5-magnitude earthquake in December left dozens injured across northern Japan.

Austrian police warned consumers to inspect baby food jars after rat poison was discovered in HiPP-brand products sold at Spar supermarkets. The contamination appears to involve criminal tampering rather than manufacturing defects, with poisoned jars also seized in the Czech Republic and Slovakia. Authorities believe at least one more contaminated jar remains in circulation and have issued specific guidance on identifying tampered products.

HiPP recalled its entire range of jarred baby food from Spar stores in Austria on Saturday, calling the situation 'potentially life-threatening.' The German-based company emphasized that products left its factories in perfect condition and the recall relates to criminal activity under police investigation. Spar preemptively removed HiPP jars from stores in other countries as well. The police statement indicated the warning originated from German investigators, though they have not confirmed reports of an extortion attempt.

Consumers are advised to check for damaged or open lids, missing safety seals, unusual odors, or white stickers with red circles on jar bottoms. Parents whose babies consumed the affected products should consult doctors if children show signs of bleeding, extreme weakness, or paleness. The incident follows separate baby formula recalls by Nestle and Danone earlier this year over contamination fears that affected at least 36 infants in Britain, though none of those cases were life-threatening.