The Trump administration on Tuesday revoked the temporary waivers it issued as part of the memorandum of understanding (MOU) with Iran that had allowed Tehran to sell oil, the Treasury Department announced.
Why it matters: The revocation of the waivers, issued less than three weeks ago, came in response to the renewed Iranian attacks against ships in the Strait of Hormuz over the past 24 hours.
Iran's military fired at least two missiles at commercial ships transiting the Strait of Hormuz on Monday night, two U.S. officials tell Axios.
The IRGC attacked a third commercial ship on Tuesday morning, a U.S. official said.
Why it matters: The reported attacks threaten to unravel a memorandum of understanding signed less than three weeks ago under which Iran agreed to halt attacks in the Strait of Hormuz.
President Trump signaled at the top of his meeting with Turkish President Erdoğan in Ankara on Tuesday that he's leaning towards allowing the country back into the F-35 program and selling the fighter jets to the Turkish air force.
Why it matters: Allowing Turkey to rejoin the program and selling it F-35 jets would be a shift in U.S. policy. Israel fears it would tilt the regional balance of power and violate U.S. commitments to maintain Israel's military edge.
President Trump arrives at Tuesday's NATO summit in Ankara still furious at the allies who refused to help him fight Iran — and determined to make sure they know it.
Why it matters: For years, Trump has openly questioned whether America's closest allies are strong enough, loyal enough or useful enough to deserve the protection they've relied on since World War II.
The oil market is shifting quickly from a focus on war-related shortages to an emerging supply glut.
Why it matters: Oil prices drive inflation expectations, which, in turn, drive the interest rates that have been closely correlated to the stock market.
Toyota says it will move production of the Tacoma pickup truck to the United States from Mexico as part of a $3.6 billion investment in its San Antonio, Texas, manufacturing campus.
Why it matters: The move allows the Japanese carmaker to sidestep uncertainty regarding U.S. trade policy with Mexico and Canada, and will no doubt please the Trump administration, which has been pressuring automakers to build more vehicles in the United States.
Israeli Prime Minister Benjamin Netanyahu complained to President Trump on Friday about Turkish President Recep Tayyip Erdoğan's escalating anti-Israel rhetoric, according to Israeli and U.S. officials.
Netanyahu also asked Trump, who will meet Erdoğan during this week's NATO summit in Ankara, to refrain from selling weapons systems that would help Turkey modernize its air force, the officials said.
Why it matters: Israel-Turkey tensions have soared over the last two years amid the wars in Gaza and Iran. But Trump has kept close, friendly ties with both Netanyahu and Erdoğan — a key U.S. ally and regional mediator.
World Cup fans' romance with America has soured after FIFA suspended a red-card ban on U.S. striker Folarin Balogun for the match against Belgium.
Why it matters: Soccer officials and fans allege that FIFA is bending its own disciplinary rules under political pressure from President Trump — raising questions about whether the sport's governing body is giving the U.S. a boost due to the president's close relationship with FIFA president Gianni Infantino.
Why it matters: UEFA, which represents most of Europe's soccer federations, came out swinging after FIFA reversed course — a move that followed President Trump's call to FIFA President Gianni Infantino demanding answers about why the U.S. star had been sidelined.
South Korean securities regulators are reviewing disciplinary measures against MBK Partners, the country's largest private equity firm, over its ownership of retailer Homeplus.
Why it matters: South Korea is at a crossroads when it comes to private equity investment, as first evidenced by the Coupang situation.
Memory chipmakers are raking in record profits with no end in sight. That may be a problem.
Why it matters: Shares of Micron Technology, Sandisk and the like have helped carry the market over the last year, as seemingly inexhaustible demand from the AI boom pushed profitability to unprecedented levels.
