Netanyahu raised possible "round 2" strikes on Iran with Trump

• Trump and Netanyahu both saw the 12-day war with Iran in June as a tremendous success. But Netanyahu has argued more strikes might be necessary to prevent Tehran from rebuilding its capabilities.
• Trump said after the meeting that if Iran tries to rebuild its nuclear program, the U.S. will destroy it again. He also said he'd prefer to strike a nuclear deal with Tehran.
• The U.S. official said Trump would likely back "round two" if the U.S. sees Iran taking real and verifiable steps to reconstitute its nuclear program, but "the tension will be in agreeing what reconstitution means."

Between the lines: Trump's repeated claims that Iran's nuclear program was obliterated by the U.S. would make it harder to justify ordering new strikes, or giving Netanyahu a green light to do so.

• While the U.S. only attacked Iran's nuclear facilities, Israel also targeted Iran's conventional military assets, particularly ballistic missiles.
• Netanyahu and other Israeli officials have been sounding the alarm in recent weeks about Iran rebuilding its missile program.

Behind the scenes: In the meeting, Netanyahu discussed the status of Iran's nuclear program six months on and presented Trump with Israel's concerns about the missile program, the sources said.

• Netanyahu also raised Hezbollah's efforts to rebuild its arsenal of long-range missiles in Lebanon.
• The U.S. official said Trump and Netanyahu didn't agree on any specific timetable, threshold or detailed understandings about future military action.
• The Israeli Prime Minister's Office declined to comment. The White House referred Axios to Trump's public statements.

The other side: Iranian President Masoud Pezeshkian said in response to the threats from Trump and Netanyahu that Iran would give a "harsh" response to any acts of aggression.

• Foreign Minister Abbas Araghchi, meanwhile, urged Trump to reengage in negotiations with Iran in a spirit of "respect."
• Araghchi and U.S. envoy Steve Witkoff discussed a potential nuclear deal as recently as September, but there have been no serious talks in recent months.

Threat level: Some U.S. and Israeli officials think the likeliest spark for an Israel-Iran war in the near-term is miscalculation — with one side trying to preempt a suspected attack by the other.

• Just last week, Israeli officials warned the Trump administration that a missile exercise by Iran's Revolutionary Guards could be cover for a strike.

Zoom out: Two senior U.S. officials said Netanyahu agreed in his meeting with Trump to move to "phase two" of the Gaza ceasefire agreement.

• For his part, Trump committed to Netanyahu that if Hamas fails to honor the agreement and does not start disarming, he will allow Israel to take military action against the group, the officials said.
• "Netanyahu was very skeptical about Gaza during the meeting, but he gave us room to move forward to the second phase of the ceasefire agreement," a senior U.S. official said.

What's next: Trump is expected to announce in January the transition to phase two, the establishment of the Gaza Board of Peace and the new Palestinian technocratic government.

• The first meeting of the Gaza Board of Peace, chaired by Trump, is expected to take place during the World Economic Forum in Davos on Jan. 23.