Alexis Christophorus

Why are we hearing about this now?

And I'm Alexis Christophorus.

News when you want it with Bloomberg News Now.

I'm Karen Moscow.

And I'm Alexis Christophorus.

Here are the stories we're following today.

All right.

Thanks, John.

And as the president embarks on his China trip, the war in Iran now enters its 75th day.

As Bloomberg Middle East reporter Jumana Bersetchi reports, many, including the president, thought the conflict would be over by now.

Bloomberg's Jumana Berset, she says, according to satellite images, oil shipments from Iran's main export terminal, Karg Island, appear to have come to a standstill over the past several days.

Hegseth softened his tone from previous congressional hearings as he defended the historic military budget request for 2027.

House Appropriations Subcommittee Ranking Member Minnesota Democrat Betty McCollum asked Hegseth if the Pentagon has a plan B.

The Pentagon's top budget official told Congress the cost of the war has climbed to nearly $29 billion.

That's up $4 billion from just two weeks ago.

In Washington, Amy Morris, Bloomberg Radio.

Thanks, Amy.

Turning to election politics now, and the Democratic primary for a key House seat in Nebraska is still too early to call.

With 89% of votes counted in Nebraska's second district, political activist Denise Powell has a lead of about two percentage points over state Senator John Kavanaugh, 39% to 37%.

The winner will face Republican Brinkner Harding, who was endorsed by President Trump.