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Reuters

Japan watchdog fines Mitsubishi Motors $4.2 million over mileage cheating

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The company logo of Mitsubishi Motors is seen behind a traffic sign at its headquarters in Tokyo, Japan, August 2, 2016. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Japan's consumer watchdog ordered Mitsubishi Motors Corp (7211.T) on Friday to pay a 480 million yen ($4.2 million) fine for false advertising of its vehicles sold in the domestic market, after the automaker last year admitted to overstating their mileage readings.

The government-run Consumer Affairs Agency said that product catalogues and websites for vehicles sold by Japan's sixth-largest automaker carried misrepresentations of their fuel economies, in accordance with a goods and services labelling law.

The fine covers models sold since the law was revised in April, including the eK wagon minicar, the similar Dayz model produced for Nissan Motor Co. and the Outlander SUV.

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"Mitsubishi Motors claimed that ... its products offered a performance which was markedly better than in reality to attract customers, inhibiting their ability to make purchasing decisions based on fact," the agency said in a statement accompanying its investigation.

In a statement, Mitsubishi said it had received the charges order, and would respond appropriately after examination.

Mitsubishi is struggling to recover from the cheating scandal, and expects to post an operating loss this year due in part to costs stemming from the falsifications.

Its market value has tumbled since the scandal broke in April, and the ordeal prompted the company to seek financial assistance from Nissan, which bought a controlling one-third stake for $2.2 billion (1.8 billion pounds).

(Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman)

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Yahoo News

Trump issues expletive-laden threat to strike Iran's power grid Tuesday after SEALs rescue downed airman

The president's expletive-laden Truth Social post came as Navy SEALs revealed details of a daring rescue deep inside Iran, and Oman held talks to reopen the Strait of Hormuz.

Jack Brewster, Reporter
Updated
3 min read
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President Trump pauses as he ends his speech at the White House on the war in Iran. (Alex Brandon-Pool/Getty Images)
(Pool via Getty Images)

President Trump on Sunday threatened to bomb Iran's power plants and bridges by Tuesday if Tehran does not reopen the Strait of Hormuz, posting an expletive-laden message on Truth Social that escalated the war of words ahead of a fast-approaching deadline.

"Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!" Trump wrote . "Open the F***in' Strait, you crazy bastards, or you'll be living in Hell — JUST WATCH! Praise be to Allah."

Iran responded with defiance Sunday. Mizan, an outlet affiliated with Iran's judiciary, said Trump's expletive-laden post had insulted Iranians with "vile" language, adding that "Iran's steadfastness and resistance have driven Trump to the brink of madness."

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Senate Minority Leader Chuck Schumer was also quick to respond. "As you head off to church and celebrate with friends and family, the President of the United States is ranting like an unhinged madman on social media," Schumer wrote on X. "He's threatening possible war crimes and alienating allies. This is who he is, but this is not who we are. Our country deserves so much better."

Sen. Lindsey Graham, a Trump ally, backed the president's ultimatum. "He is deadly serious when it comes to his ultimatum to Iran to open the Strait of Hormuz or face a massive military response against vital infrastructure," Graham wrote on X. "To say the window on diplomacy is closing would be an understatement."

In a phone call with Fox News correspondent Trey Yingst on Sunday, Trump said he is considering "blowing everything up and taking over the oil" if Iran does not act quickly. He expressed optimism that a deal could come as soon as Monday, saying negotiators on the Iranian side had been granted amnesty to continue talks.

Later, in an interview with the Wall Street Journal, Trump went further. "If they don't come through, if they want to keep it closed, they're going to lose every power plant and every other plant they have in the whole country," he said. "If they don't do something by Tuesday evening, they won't have any power plants, and they won't have any bridges standing."

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Trump also told Yingst that the U.S. had supplied weapons to Iranian protesters through Kurdish intermediaries. "We sent guns to the protesters, a lot of them," Trump said. "And I think the Kurds took the guns." CNN had previously reported that the U.S. was arming Kurdish groups in order to foment a popular uprising inside Iran.

Behind the scenes, Oman — a Gulf nation that has historically served as a back-channel mediator between the U.S. and Iran — held talks Saturday with Iranian officials on reopening the strait. An Omani source told CNN that a deal to open the strait would be "difficult to achieve under wartime conditions," adding that a ceasefire remained "by far the best solution."

Trump's threats came one day after U.S. Navy SEAL Team 6 extracted a downed Air Force colonel from deep inside Iranian territory. The successful rescue appeared to embolden the president, who called it “an AMAZING show of bravery and talent by all!” Iran downplayed the mission, calling it a "deception."

Trump has threatened to strike Iran's power infrastructure on two previous occasions, delaying both times as diplomatic contacts continued. Attacking power plants and bridges used primarily by civilians could constitute a war crime under the Geneva Conventions.

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The escalation came as a projectile struck near Iran's only operational nuclear power plant at Bushehr on Saturday, killing one security personnel member and damaging an auxiliary building. No increase in radiation levels was detected, the International Atomic Energy Agency said. Russia evacuated roughly 200 workers from the facility after the strike.

Overnight Iranian drone strikes hit two power and water desalination plants in Kuwait, forcing two electricity-generating units offline, Kuwaiti authorities said. A separate strike targeted the Kuwait Petroleum Corporation's oil complex in Kuwait City, sparking a fire. No casualties were reported in either attack.

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Yahoo Finance

Trump administration signals it will offer broad tariff refunds. That could mean millions for companies.

Ben Werschkul, Washington Correspondent
Updated
5 min read
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Has Trump's Liberation Day tariffs moved the trade deficit after 1 year?
Has Trump's Liberation Day tariffs moved the trade deficit after 1 year?
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  • The Trump administration has acknowledged that a wide array of duties will eventually be eligible for refunds, including liquidated and unliquidated tariffs.

The Trump administration's position on refunding all tariffs declared illegal by the Supreme Court has been slow to take shape. But a new court filing this past week seemed to acknowledge that a wide array of duties will eventually be eligible for refunds.

At issue is the difference between what are called liquidated and unliquidated tariffs.

This legal distinction is crucial for importers and could be worth millions of dollars as companies seek to claw back duties illegally collected under the International Emergency Economic Powers Act of 1977 (IEEPA).

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The government’s filing this past week also described continued headway on a four-step process that, once up and running, could take about 45 days to review and process applications.

Read more: What Trump's tariffs mean for the economy and your wallet

TOPSHOT - US President Donald Trump speaks during a press conference in the Brady Press Briefing Room of the White House in Washington, DC, on February 20, 2026. US President Donald Trump will hold a press conference Friday to discuss the Supreme Court's ruling against a major part of his tariffs, spokeswoman Karoline Leavitt said. (Photo by Mandel NGAN / AFP via Getty Images)
President Trump speaks during a press conference at the White House in February to discuss the Supreme Court's ruling against his tariffs. (Mandel NGAN / AFP via Getty Images)
(MANDEL NGAN via Getty Images)

"In theory, this development provides the answer many importers were seeking," Greg Husisian of the firm Foley & Lardner told Yahoo Finance. He said the administration's amended order "effectively places the entire population of IEEPA entries within the Court's refund framework."

Put another way, that means previously paid tariffs that are currently in three different statuses — unliquidated, liquidated but still within a protest window, and those where liquidation has been deemed final — may eventually be eligible for refunds.

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In the trade context, "liquidations" refers to the final calculation of tariffs owed and is often seen as a final stamp of sorts. The process must be done within a year of the goods being imported and the duty first being levied, but it generally happens sooner, in the 10- to 11-month range.

This liquidation issue is what led to preemptive lawsuits from companies as far back as 2025, long before the Supreme Court confirmed that tariff refunds would be possible when it struck down Trump's blanket IEEPA duties in February.

This week's filing was the latest concession from the Trump administration, heartening trade lawyers who have been bracing for a messy refund process on varied fronts.

It's led to an increasing sense that wide-ranging refunds are possible, including for fully liquidated tariffs.

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"If the government were going to fight over that issue, I would have expected them to state as much in this filing," Erik Smithweiss, a partner focused on trade issues at the firm of GDLSK, said in an interview.

He represents clients seeking refunds and said this latest language left him relieved — but he cautioned that it "doesn't preclude the Department of Justice from one day down the road saying 'we're not building this process, we don't think it's legally authorized,' and force that issue to be litigated."

Immediately after the Supreme Court's February ruling, President Trump told reporters he believed the refunds would need to be litigated "for the next two years," but he hasn’t weighed in publicly on the refund question in recent weeks.

Cargo ships and shipping containers are seen at the Port Jersey container terminal in Jersey City, New Jersey on January 23, 2026. (Photo by CHARLY TRIBALLEAU / AFP via Getty Images)
A cargo ship is seen at the Port Jersey container terminal in Jersey City, New Jersey in January. (CHARLY TRIBALLEAU / AFP via Getty Images)
(CHARLY TRIBALLEAU via Getty Images)

A promise to wrestle with 'more complex refund scenarios'

This week's government filing was authored by Brandon Lord, executive director of the trade program at US Customs and Border Protection. It laid out how the first iteration of the coming portal for companies to apply for refunds will be able to handle approximately 63% of all entries.

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Guidance for the remainder, which includes tariffs where liquidation has been deemed final and described as "more complex refund scenarios," is promised to be forthcoming.

The filing also noted that the four elements for "phase 1" of the refund portal — a claim step, a processing step, a review of refund findings, and a final payment step — are between 60% and 85% complete.

At a follow-up this week, the presiding judge overseeing the case described the government as "on track" toward meeting an April 20 deadline to begin accepting refund applications.

"Customs continues to make satisfactory progress," noted Richard K. Eaton, Senior Judge at the US Court of International Trade in Manhattan, as he asked for a further update on April 14.

NEW YORK, NEW YORK - MAY 29:  People walk past the United States Court of International Trade, Watson Courthouse in lower Manhattan on May 29, 2025 in New York City. In a ruling that surprised many, the Manhattan-based trade court ruled in an opinion by a three-judge panel that a 1977 law called the International Emergency Economic Powers Act (IEEPA) does not grant Trump "unbounded" authority to impose the worldwide and retaliatory tariffs he has issued by executive order. (Photo by Spencer Platt/Getty Images)
The United States Court of International Trade in lower Manhattan is seen in May 2025. (Spencer Platt/Getty Images)
(Spencer Platt via Getty Images)

An alert to clients from the firm Snell & Wilmer struck an optimistic tone, noting that the apparent inclusion of liquidated entries appears to ensure that "importers will not be time-barred from recovering IEEPA tariff refunds for imports that have reached final liquidation."

'Uncertainty remains'

The developments come as consumers also angle for a direct piece of the possible refunds.

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The government estimates that refunds could total about $166 billion, and at least 17 lawsuits have reportedly been filed against companies, including FedEx (FDX), Costco (COST), and UPS (UPS), by consumers who say the companies would be wrong to keep any money they get back.

SAN DIEGO, CALIFORNIA - MARCH 18: A Costco Wholesale logo is displayed at a warehouse on March 18, 2026 in San Diego, CA. (Photo by Kevin Carter/Getty Images)
A Costco Wholesale sign is seen in March in San Diego, CA. (Kevin Carter/Getty Images)
(Kevin Carter via Getty Images)

But many questions remain unanswered.

In his note this past week, Husisian noted that it remains unclear how the process will roll out nationwide and other issues, such as whether it will matter if a company preemptively sues.

There is also an ever-present chance of other courts intervening on questions like whether administrative protests from companies will be needed to receive refunds.

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"Look, there's still some uncertainty down the road," Smithweiss said. He still recommends that companies consider taking multiple steps — administrative protests and even litigation — "just to be sure."

Ben Werschkul is a Washington correspondent for Yahoo Finance.

Click here for political news related to business and money policies that will shape tomorrow's stock prices

Read the latest financial and business news from Yahoo Finance

Comment summary
Powered by Yahoo Scout. Yahoo is using AI to generate key points from user comments. This means the info may not always match user comments about the article. Reporting mistakes helps us improve the experience.

Comments include criticism that President Trump’s tariff refunds favor corporations over consumers who actually bore the cost, with many noting taxpayers will fund the refunds while prices remain high. Other comments point to concerns about increasing national debt and skepticism about whether consumers will see any benefit.

Views expressed are from commenters only.
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The Hill

House Republican: ‘Only purpose’ for US boots on the ground in Iran is ‘to get the enriched uranium’

Tara Suter
2 min read
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Rep. Mike Lawler (R-N.Y.) said Sunday that “the only purpose that I could see” for U.S. troops on the ground in Iran “would be to get the enriched uranium.”

“I think the question, moving forward, with respect to any troops on the ground, would be: For what purpose? And I think the only purpose that I could see would be to get the enriched uranium,” Lawler told NBC News’s Kristen Welker on “Meet the Press.”

“And I think that is something that does need to be discussed with Congress in a classified setting,” he continued. “And I think Congress would need to be briefed on that particular matter.”

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President Trump has mulled the deployment of U.S. troops inside Iran to seize the country’s highly enriched uranium, an operation that could last for days. The operation would put U.S. personnel deep inside Iran, leaving them vulnerable to Iranian short-range missiles and drones.

Since the U.S. and Israeli strikes in Iran began in late February, recent polling has shown widespread discontent with the conflict and any possible escalation.

On Sunday morning, Trump railed against Iran over the Strait of Hormuz, a vital shipping route. The president threatened to strike the country’s infrastructure and pressed Tehran to “open the F—in’ Strait, you crazy bastards.”

“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the F—in’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH! Praise be to Allah. President DONALD J. TRUMP,” Trump wrote in a Truth Social post.

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The day before, Trump threatened to rain “all hell” down on Iran as the U.S. headed toward a self-imposed deadline on Monday for the Middle Eastern country to reopen the strait.

A central point of contention in Washington regarding the war, largely around party lines, is whether Trump must seek congressional approval to continue military operations in Iran.

Some Republicans in recent days, however, have indicated they would back a war powers resolution when the conflict hits Day 60, which Lawler backed Sunday.

“As this moves forward, if it goes beyond the 60 to 90 day window, then yes, Congress will need to take necessary action,” he told Welker. “And I would support that.”

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Copyright 2026 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports, and streaming video, head to The Hill.

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Fortune

‘It’s shocking how poorly prepared the administration is’: DOGE gutted major energy personnel who warn the U.S. has lost key insights amid Iran war

Sasha Rogelberg
7 min read
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The State Department, under Secretary Marco Rubio, gutted the Bureau of Energy Resources last summer.
(Brendan SMIALOWSKI / POOL / AFP—Getty Images)

About six months before the first U.S.-Israeli attack on Iran, the Trump administration gutted the Bureau of Energy Resources (ENR), an 80-person team within the State Department tasked with leading international energy diplomacy. The cuts were part of the then Elon Musk-led Department of Government Efficiency (DOGE) initiative to reduce the federal workforce, with the goal of slashing the federal budget.

More than a month into the conflict—with President Donald Trump indicating he will redouble attacks on Iran in the coming weeks—former ENR officials are warning DOGE eliminated key roles that would have helped the administration navigate and mitigate the energy chaos of the conflict and its impact on global oil markets, as well as foresee potential consequences of ongoing actions.

Fortune spoke with two former ENR officials—who wished to remain anonymous out of fear of retribution from the department—who are sounding the alarm on the insights and knowledge the federal government has lost as a result of the cuts, especially during a period of widespread oil and energy disruptions.

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“It’s shocking how poorly prepared the administration is,” one former employee told Fortune. “You took away the people with the expertise and contacts who would be insanely useful in this context.”

Created in 2011 by then-Secretary of State Hillary Clinton under the Obama administration, ENR was intended to navigate the geopolitical complexities of the global energy industry. Made up of diplomats and policy experts, the bureau developed close ties with embassies, foreign energy ministries, and private sector energy companies. Officials compiled relevant information to brief the Secretary of State and other department officials, as well as engaged with stakeholders such as private energy companies.

In July 2025, ENR effectively ceased to exist, with media outlets reporting the remnants of the bureau would be folded into the Bureau of Economic, Energy, and Business Affairs (EEB). About 1,300 personnel were cut from the State Department by summer 2025. The only ENR staff retained were those working on critical minerals and renewable energy.

Former officials were particularly befuddled by the cuts given Secretary of State Marco Rubio’s previous comments about wanting the U.S. to play a significant role in global energy.

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“We need to be at the table to have conversations about not just what our role in energy is, but how we help invest or partner with countries that have a supply of energy,” Rubio said in a budget hearing last May.

“Nobody knows why they cut us,” one former ENR employee said. “Especially since a key part of the office’s mission was to monitor and engage with major fossil fuel companies and ministries.”

A State Department spokesperson confirmed to Fortune that ENR’s capabilities have been incorporated into EEB.

“Following this comprehensive reorganization, the Department’s energy policy teams are performing better than ever,” the spokesperson said in a statement. “EEB is coordinating the release of strategic reserves with allies and partners in response to Iran’s attacks, driving increased exploration and production with U.S. companies in key theaters globally, especially in Central Asia, Africa, and the Western Hemisphere including Venezuela, and hosting the Secretary’s historic Critical Minerals Ministerial earlier this year with 55 international delegations in one of the largest ministerials at the State Department.”

Impacts of the war

As a result of the U.S. and Israeli attacks and subsequent Iranian counter attacks, the Strait of Hormuz, a crucial chokepoint through which roughly 20% of the world’s oil flows, has been effectively closed, roiling energy supply chains and driving up the price of crude above $100 per barrel. Gas prices have jumped above $4 per gallon on average, the highest since 2022. The ongoing attacks have sent global markets reeling, stoking concerns of a global oil shock.

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The former ENR officials said the existence of the bureau today would not have stopped the war, but could have provided key data to the private sector and Rubio to inform decision-making on energy supply and distribution.

“So many current and former federal government experts assess that this particular administration would likely have ignored guidance that waging this war would be foolish and unlikely to advance U.S. security and economic interests,” another former employee said. “But there is a zero percent chance that Secretary Rubio, particularly in his very empowered dual role, would not have been made aware of these particular eventualities or predictions.”

One former official said one ENR role during the conflict could have been to work with foreign ministries and U.S. embassies to identify vulnerable critical infrastructure in the Gulf region, such as in the South Pars in Iran or the North Field in Qatar, and strategize a path forward if that infrastructure was attacked. Those analyses would have revolved around how attacks would impact oil and gas production, and how supply could be diverted to alternative pipelines to keep energy going out to global markets.

ENR also had contract agreements with specialized private firms that looked at shipping data tracking major oil tankers. Both former employees Fortune spoke with had close connections with oil companies such as Chevron, BP, and ExxonMobil, and in times of conflict, could have used those channels to obtain shipping data and help determine the amount of oil and natural gas already in tankers heading to market. During non-conflict times, ENR was these companies’ first call for non-U.S. investments, one official said.

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These communications could have reduced the elements of surprise for U.S. government officials about energy disruptions and vulnerabilities to Iranian attacks, as well as the consequences of attacks on global oil supply.

“If nothing else, our energy sector and foreign private sector companies could have been better informed about what [the U.S. government] is considering,” one official said. “And our government could have had much more information about the concerns of other countries and other companies.”

Long-term ramifications

These deep institutional connections were gutted along with the personnel maintaining the relationships, representing a loss to what one official called the “continuity of experts” the State Department once had access to. The functional bureaus, such as ENR, were made up of subject-matter experts in longer-term government roles who once trained foreign service officers, many of whom are still employed at the agency.

“The DOGE cuts have created structural gaps in the State Department’s knowledge on energy of all forms, and definitely oil and gas,” one former official said.

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Top ENR officials had close connections with ministries and private companies who could have picked up the phone and called these stakeholders directly. Many existing energy experts stationed in the Gulf had to evacuate their embassies, and were unlikely to easily and quickly communicate with decision-makers. Many ENR officials were based in Washington, D.C., and if the bureau was still around today, could have filled in some of the gaps in immediate communications.

“We could have easily picked up a chunk of their work while they were in transit back to the U.S. as part of full or partial embassy draw-downs,” an expert said.

The former ENR officials’ concerns go beyond the immediate ramifications of the conflict in Iran.

In addition to having comprehensive market knowledge of energy in the Middle East, Gulf, and North African regions, ENR also worked closely with East Asian counterparts. Without key State Department personnel, the picture on how China is making decisions on energy investments are not as complete or accessible as it once was, one former official said. Reduced coverage could impact the U.S. awareness of Gulf energy flows to China. China imports about 1.3 million barrels per day from Iran, making up about 13% of its total oil imports. With the Strait of Hormuz effectively closed, China could be doubling down on coal investments, or reducing energy consumption because of shifts towards renewables.

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“There was expertise and institutional capacity that was thrown into the garbage,” a former employee said.

If you’re a current or former federal employee with a tip, or if you’d like to share your experience, please contact Sasha Rogelberg on Signal @sashrogel.13.

This story was originally featured on Fortune.com

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