Usage of tenses
Yes. Without any context, it is impossible to say which one it is in written English. However, with context, or when spoken, you will know immediately.
Context is vitally important in English.
A: "I am (present) sorry to hear you are (present) ill. What do (present) you do all day?" B: "I read (present) nearly every day." (present = /ri:d/)
A: "I was (past) sorry to hear you were (past) ill. What did (past) you do all day?" B: "I read (past) nearly every day." (past = /rɛd/