US-Iran Talks Progress, Push to Reopen Hormuz, 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 Doug Krisner. The U.S. and Iran are closing in on a deal to reopen the Strait of Hormuz. U.S. officials say the two sides are addressing the precise language on key issues, and they say a deal with Iran will not be signed today, citing Iran's frustratingly slow system. Today, in a post on social media, Trump said the U.S. will not be rushed and that both sides must take their time to get it right. U.S. Secretary of State Marco Rubio is optimistic.
We've made some progress over the last 48 hours working with our partners in the Gulf region on an outline that could ultimately, if it succeeds, leave us not just with a completely open straits, and I mean open straits without tolls, and with addressing some of the key things that underpin what has been Iran's nuclear weapons ambitions in the past.
Now, in these talks, Iran has been pushing for a toll system in the Strait of Hormuz, and that has been a source of friction with the U.S. Here is Bloomberg's Jumana Persechi.
Now we're in a situation where Iran have discovered that they have a lot of leverage over this key chokehold for the global economy, and they're not going to give it up without getting something in return. And for them, the incentive is clearly economic.
That was Bloomberg's Jomana Persechi on Bloomberg's This Weekend. We go next to Ukraine, where there was a major escalation overnight as Russia confirmed its military fired a hypersonic Orestnik missile near Kyiv. This was part of an attack involving approximately 90 missiles and 600 drones. Now, Ukraine's air force said that most of the missiles and drones were shot down. Meantime, Ukrainian President Volodymyr Zelensky reported that two people were killed and over 80 others injured, and he called for solutions from the U.S. and from Europe. The U.S. has paused a $14 billion arms sale to Taiwan. More on that from Bloomberg's Monica Ricks.
President Trump has indicated he'll speak directly to Taiwan's president after pausing a $14 billion arms sale a week after visiting China. It's a move that'll likely anger Beijing, but Ambassador Alexander Yu tells Bloomberg Taiwan's ready to defend itself.
We're trying to beef up our own defensive capabilities, and the United States has been our primary provider of arms sales to Taiwan, and we hope to continue to do so in facing this mounting and growing aggression from mainland China.
The U.S. says it pulled back on the arms package to make sure it had enough munitions for the war in Iran. Monica Ricks, Bloomberg Radio.
Senate Republicans are blasting President Trump's so-called anti-weaponization fund. Trump is aiming to use this fund to compensate allies that he claims were mistreated by the Biden administration, and that would include January 6th rioters. Republican Congressman Brian Fitzpatrick of Pennsylvania and Democratic Congressman Tom Suozzi of New York are teaming up to introduce the first bill that tries to block this fund. Suozzi says the fund is just wrong.
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