Axios

The Trump administration announced Friday that it won't issue visas to senior Palestinian officials who wish to travel to New York to attend the UN General Assembly in September, and will revoke visas that were previously granted.

• A State Department official confirmed that applied to Palestinian President Mahmoud Abbas and around 80 additional officials.

Why it matters: The U.S. move comes in response to a planned initiative by several Western countries to recognize a Palestinian state during the annual global gathering. It underscores that on policy toward Gaza and the Palestinians more generally, it is the U.S. and Israel vs. nearly all the rest of the world.

President Trump wants to cancel roughly $5 billion in foreign aid through a process known as a pocket rescission, the White House budget office confirmed to Axios on Friday.

Why it matters: The government's internal watchdog reiterated this month that pocket rescissions are illegal because they undermine Congress' power of the purse, further eroding the systems of checks and balances that govern American democracy.

The U.S. has never been closer to armed conflict with Venezuela, with a fully loaded U.S. flotilla sitting off its coast and dictator Nicolás Maduro living under a $50 million bounty.

The intrigue: Even close Trump advisers aren't entirely sure whether the gunboat diplomacy is a drug trafficking operation with undertones of regime change, or a Caracas coup operation masquerading as drug enforcement.

Nvidia's otherwise stellar earnings were clouded by one thing: export controls, which were overturned only after the company agreed to give a 15% cut of China chip sales back to Uncle Sam.

Why it matters: It's the latest example of President Trump inserting himself into the private sector as chairman of all boards, regardless of the impact that has on free markets.

Nvidia closed the door on the Magnificent 7's earnings season with a whimper. But the results in total left investors overly bullish.

Why it matters: Nvidia's earnings results may not have been good enough for its own shareholders. But billions of dollars in AI spending commitments will be enough to sustain the broader tech rally, strategists say.

Saudi Arabia can face a civil lawsuit that alleges the kingdom helped the 9/11 hijackers, a federal judge ruled Thursday.

Why it matters: Those impacted by the September 11, 2001, terrorist attacks have spent over 20 years in court seeking to hold accountable the kingdom, which denies any wrongdoing in the massacres.

The meeting President Trump convened on Wednesday to discuss a post-war plan for Gaza involved two high-profile invited guests, Jared Kushner and Tony Blair, and an unexpected third one: Israeli official Ron Dermer.

Why it matters: Dermer told the assembled senior officials that Israel doesn't want to occupy Gaza long-term, but needs an acceptable alternative to Hamas to govern the enclave. Kushner and Blair got Trump's blessing to keep developing such a plan, but right now they don't have an answer as to who would take over.

France, Germany, and the U.K. sent a letter Thursday morning to members of the UN Security Council announcing they are triggering the "snapback" mechanism to reimpose UN sanctions on Iran, which had been suspended under the 2015 nuclear deal.

Why it matters: In the letter, the three European powers emphasized that during the next 30 days — before the sanctions take effect — they are open to negotiations with Iran on a nuclear agreement that could halt the process.

Nvidia, the biggest company in the world by market cap, reported world-beating results Wednesday evening. But export controls to China dampened its data center revenue, and that's making investors nervous.

Why it matters: Nvidia is caught in the middle of a Trump trade war that could impact its earnings growth and the trajectory of the entire stock market.