Axios

A new interpretation of U.S. intelligence by some senior officials shows that Iran's leaders engaged in a military buildup because they believed the U.S. planned to attack them first, the Wall Street Journal reports.

Why it matters: The Iranian buildup caused the U.S. to increase its military assets in the region and order non-essential staff to leave its embassy in Iraq this week, spurring fears that the tension could burst into outright conflict.

A Russian aluminum company has approved a $200 million investment in a planned mill in Ashland, Ky., to which Democrats wrote a letter to Treasury Secretary Steven Mnuchin, calling on the Trump administration to investigate the deal, expressing concern about Russian influence and national security.

"Russia remains a central threat to U.S. national security and prosperity and is, along with China, one of our most aggressive and capable adversaries. The proposed investments by En+ - a company that is majority owned by a U.S.-sanctioned Russian national and Russian state bank - in an American aluminum mill, raises serious questions of national security, particularly given the mill promises to supply materials to the Department of Defense."

Most people in China would like to see their country's political system become more like America's over the next 2 decades. Japanese and Germans, not so much.

Luckin Coffee, a homegrown rival to Starbucks in China, on Thursday raised $561 million in its IPO, after increasing its number of offered shares and pricing at the top of its $15-$17 range. It will begin trading tomorrow on the Nasdaq under ticker LK.

Why it matters: This may be one of the few companies to actually benefit from the U.S.-China trade war escalation, as increased nationalism could prompt Chinese coffee drinkers to choose Luckin over its Seattle-based competitor.

President Trump told acting Defense Secretary Patrick Shanahan and other top officials on Wednesday that he does not want his "maximum pressure" campaign against Iran to escalate to war, the NY Times reports.

Between the lines: National Security Adviser John Bolton and Secretary of State Mike Pompeo have been sounding the alarm about impending attacks from Iran and warning of "unrelenting force" if necessary. Trump has long been wary of a new military engagement in the Middle East, and this is the clearest signal yet that the current standoff with Iran is no exception.

Former foreign secretary and Brexit campaigner Boris Johnson told the BBC's Huw Edwards Thursday that he plans to stand to replace Theresa May as the U.K.'s prime minister once she fulfills her pledge to step down after a deal on Brexit is reached.

The big picture: Of course, May hasn't stepped down — and her pledge to do so was contingent on her Brexit deal getting through Parliament. Some members of the Conservative Party are worried she may have gotten cold feet. She met with senior party members in Parliament today, reaching an agreement that they'd begin working toward a timetable to elect her replacement next month — whether or not her deal succeeds.

Go deeper: Everything you need to know about Brexit

The Department of Justice announced Thursday morning it had indicted 10 people involved in a transnational banking malware scheme as part of an international effort to chop down the crime ring.

Why it matters: The group allegedly used the GozNym banking malware to steal credentials to online banking accounts that they then attempted to rob for more than $100 million.

President Trump addressed two stories on Iran — one from the New York Times, which said his administration was considering military action, and one from the Washington Post, which said he was not convinced of an attack by his advisers — in a pair of Thursday tweets.

"The Fake News Washington Post, and even more Fake News New York Times, are writing stories that there is infighting with respect to my strong policy in the Middle East. There is no infighting whatsoever. Different opinions are expressed and I make a decisive and final decision - it is a very simple process. All sides, views, and policies are covered. I’m sure that Iran will want to talk soon."

Context: Trump's statement that "Iran will want to talk soon" actually fits the thrust of the Post's report, which said the president "prefers a diplomatic approach to resolving tensions and wants to speak directly with Iran’s leaders."

Flashback: Trump denies report that U.S. may deploy 120,000 troops to counter Iran

Chinese authorities formally arrested 2 Canadians, detained for months in China, on espionage charges, The Globe & Mail first reported Thursday.

Why it matters: U.S. experts view the arrests of writer Michael Spavor and former diplomat Michael Kovrig as "direct retaliation" by China for Canada's detention of Huawei executive Meng Wanzhou, who's accused of violating U.S. sanctions on Iran. On Wednesday, President Trump issued an executive order prohibiting U.S. firms from using telecom services solely owned, controlled, or directed by a foreign adversary, paving the way for a ban on Huawei.

Go deeper: China has detained 13 Canadians since arrest of Huawei CFO