Live updates: Trump announces a 3-day Russia-Ukraine ceasefire

Key Points:

• The United Nations’ Food and Agriculture Organization reported a 2% increase in its food price index in April, the highest since 2023, driven mainly by rising vegetable oil prices due to biofuel demand and production concerns in Southeast Asia, alongside modest wheat price increases linked to drought and fertilizer costs.
• Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani met with U.S. Vice President JD Vance in Washington to discuss ongoing mediation efforts aimed at achieving a comprehensive peace agreement in the Middle East, with a focus on de-escalation involving Iran.
• Satellite imagery revealed a large oil spill off Kharg Island, Iran’s main crude export terminal, with unclear origins and limited cleanup prospects amid ongoing U.S.-Iran military tensions in the Persian Gulf.
• A federal court ruled that former President Trump’s 10% global tariffs are illegal, prompting the Justice Department to announce an appeal; the tariffs were imposed after the Supreme Court struck down broader tariffs last year and are set to expire in July.
• President Trump announced a three-day ceasefire between the U.S. and Iran coinciding with Russia’s Victory Day, including a suspension of hostilities and prisoner exchanges, amid ongoing conflict and diplomatic efforts to end the war.