Axios

Below is the full text of the U.S.-Iran memorandum of understanding, as delivered by a senior administration official in a briefing with reporters.

The big picture: The MOU declares the war to be over, calls for Iran to open the Strait of Hormuz and the U.S. to lift its blockade, launches 60 days of nuclear negotiations, waives sanctions to let Iran sell oil during those 60 days and includes massive economic incentives should Iran sign a final nuclear deal.

The White House's move to restrict access to Anthropic's latest AI model — using what is known as export controls — could harm the long-term financial prospects of the entire U.S. AI industry.

Why it matters: Anthropic and OpenAI's valuations depend on the global adoption of their most advanced models, and government restrictions could limit that growth.

Taiwan for the first time fired U.S.-supplied High Mobility Artillery Rocket Systems off its western coast, toward the highly contested Taiwan Strait.

Why it matters: The salvos were part of a larger exercise simulating an invasion and potential countermeasures.

• The direction of the practice fire "makes sense" because "that's the most logical place for a mainland Chinese invasion," Sean King, an Asia scholar and senior vice president at Park Strategies, told Axios.

A profound identity crisis has gripped America ahead of its 250th birthday: Citizens are less proud, less religiously unified and losing faith that the American Dream still works.

Why it matters: Democracies can survive policy brawls. They struggle to function when citizens lose faith in shared institutions, abandon a common civic story and use politics to replace religion and community.

President Trump's Iran deal has opened an explosive second front in MAGA's civil war, waged by hawkish allies who view U.S. concessions as an existential betrayal of Israel.

Why it matters: Across two terms and 11 years in the political spotlight, no issue has divided Trump's base more than the Iran war.

The Trump administration has made exporting American AI a key part of its plans for global AI dominance, but ad hoc policy decisions around the most advanced AI are threatening that effort.

Why it matters: A flagship U.S. program designed to boost AI exports could be undermined by the very administration that created it.

The still-secret terms of President Trump's Iran deal have triggered a furious debate over how much Tehran stands to gain financially — and how soon.

The big picture: The deal is expected to allow Iran to sell oil freely during a 60-day negotiating window, while opening the door to broader sanctions relief, access to frozen funds and a potential $300 billion rebuilding investment fund if a final nuclear agreement is reached.

Europe is bracing for another "China shock," with a flood of cheap exports threatening to hollow out the continent's most important industries.

Why it matters: Global imbalances — the growing gap between countries that produce more than they consume and those that consume more than they produce — are high on the G7 agenda this week.

Paramount Skydance executives believe that antisemitism is playing a role in opposition to the company's proposed $111 billion takeover of Warner Bros. Discovery, which still faces possible challenges from state AGs and European regulators.

• DOJ signed off on the deal last week, reportedly before career antitrust staffers had an opportunity to object.

The big picture: Debate over this merger has become more about personalities than policies, which is unusual.

With large-scale oil shipments potentially resuming soon, let's take stock of how the energy shock has bucked conventional wisdom.

Why it matters: What market watchers and participants got wrong could help inform responses to geopolitical upheaval in the future.