Iran's Supreme Leader Ayatollah Khamenei. Photo: Iranian Leader's Press Office - Handout/Anadolu Agency/Getty Images

President Trump on Monday announced that the U.S. would impose a new set of sanctions targeting top officials in the Iranian government and their access to the international financial system, including Supreme Leader Ayatollah Ali Khamenei.

"We do not seek conflict with Iran or any other country. ... I can only tell you we cannot ever let Iran have a nuclear weapon."

The big picture: Escalating tensions with Iran in recent weeks led Trump to sign off and then cancel a military strike on Thursday evening, calling it a disproportionate response to Iran's downing of an unmanned U.S. drone. The new sanctions are yet another addendum to the "maximum pressure" campaign that the Trump administration has undertaken in the wake of the president's withdrawal from the 2015 Iran nuclear deal.

  • Treasury Secretary Steven Mnuchin told reporters on Monday that the U.S. will impose sanctions on Iranian Foreign Minister Mohammad Javad Zarif later this week.
  • Mnuchin also said that he could not comment on whether military action against Iran is off the table.

Go deeper: Timeline: How Trump and Tehran came to the brink of war

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Downtown Chicago hit by widespread looting

Police officers inspect a damaged Best Buy in Chicago that was looted and vandalized. Photo: Scott Olson/Getty Images

Chicago police responded to hundreds of people looting stores and causing widespread property damage in the city's downtown overnight, resulting in at least one exchange of gunfire, the Chicago Tribune reports.

The state of play: Police superintendent David Brown said the event was a coordinated response after an officer shot a suspect on Sunday evening, per CBS Chicago.

McDonald's sues former CEO, alleging he lied about relationships with employees

Former McDonald's CEO Steve Easterbrook. Photo: Drew Angerer/Getty Images

McDonald's on Monday sued its former CEO Steve Easterbrook, seeking to recoup tens of millions in severance benefits while alleging he took part in and concealed undisclosed relationships with company employees, per the New York Times.

Why it matters: Corporations have traditionally chosen to ignore executive misbehavior to avoid bad press, but they have become more proactive — especially with the rise of the #MeToo and Black Lives Matter movements — in addressing issues head-on.

The transformation of the Fed

Illustration: Eniola Odetunde/Axios

The Federal Reserve is undergoing an overhaul. Conceived to keep inflation in check and oversee the country's money supply, the central bank is now essentially directing the economy and moving away from worries about rising prices.

What we're hearing: The move to act less quickly and forcefully to tamp down on inflation has been in the works for years, but some economists fear that the Fed is moving too far from its original mandate.