May 12, 2018

Iran's world tour to save the nuclear deal

Erica Pandey, author of @Work

Zarif. Photo: John Thys/AFP via Getty Images

Iran's foreign minister, Mohammed Javad Zarif, is embarking on a tour of Europe, China and Russia in an effort to save the Iran nuclear deal, Reuters reports.

The bottom line: After the U.S. withdrew from the deal and announced forthcoming sanctions against companies and countries that do business with Iran, the Middle Eastern country must try to safeguard its trade relationships for the sake of its economy.

Yes, but: While China and Russia are well-positioned to evade U.S. sanctions, the European Union is not. If forced to choose between the $400 billion per year Iranian market and the $18 trillion per year U.S. market, Europe will pick the U.S.

Zarif's stops: He heads to Beijing today, then Russia, then Brussels to meet his counterparts from France, the U.K. and Germany.

Go deeper: The companies hit hardest by sanctions on Iran

Go deeper

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.