Iran War Ceasefire Fragile, Starmer's Future, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Karen Moscow. President Trump says the U.S. ceasefire with Iran is on massive life support. Speaking to reporters in the Oval Office, the president said he's rejected Tehran's latest peace offer.
After reading that piece of garbage they sent us, I didn't even finish reading it. I said, I'm not going to waste my time reading it.
And at the same time, President Trump says a diplomatic solution is still very possible. We get more from Bloomberg's Stuart Livingston Wallace in Dubai.
There seems to be almost no common ground between the two, other than to say they probably would both like the Hormuz Strait to reopen. But beyond that, I think there's a degree of disbelief in the White House that Iran is not making more concessions, given the scale of the war, given the scale of the economic sanctions, given the scale of the blockade on all their ports.
Bloomberg's Stuart Livingston Wallace reports Iran is demanding some degree of control over the Strait of Hormuz while the U.S. lifts its naval blockade and provides sanctions relief. President Trump is not indicating whether he'll resume military strikes, but he told Fox News he could revive the Project Freedom effort to guide ships through the strait. To help ease the burden of higher prices at the pump, President Trump said he is seeking to suspend the federal 18.4 cent a gallon tax on gasoline. According to independent budget analysts, that would cost the federal government about $3.5 billion a month in lost gasoline and diesel tax revenue. The president's proposal would require an act of Congress.
Defense Secretary Pete Hegseth will face a new round of questioning from lawmakers over the Iran war today, including from some Republicans who have expressed concerns over the length of the conflict and its lack of congressional approval. The powerful House and Senate subcommittees that oversee defense spending are holding back-to-back hearings to review the Trump administration's 2027 military budget proposal, which calls for a historic allocation of $1.5 trillion. Some huge names are joining President Trump in what's already a who's who of American corporate leaders at this week's summit with Xi Jinping in China. Bloomberg's Tom Busby has more.
Elon Musk of Tesla and SpaceX AI, along with Apple's Tim Cook and Boeing's Kelly Ortberg, the latest CEOs slated to accompany President Trump to a summit with China's Xi Jinping this week. hoping to open up multi-billion dollar business deals and purchase agreements with Beijing. Now already confirmed, the chief executives of Goldman Sachs, BlackRock, Citigroup, GE, Cargill, Micron Technology, and others. Noticeably absent, though, Jensen Huang of Nvidia, a potential setback for his bid to export AI chips to China, a market that Huang said could top $50 billion in sales. Tom Busby, Bloomberg Radio.
All right, Tom, thank you. We turn to politics in the U.K. A defiant Keir Starmer rebuffing widespread calls for him to quit, telling his cabinet he plans to stay on as prime minister in the face of massive pressure to step down.
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