May 10, 2026: US Rejects Iran's Response, Countries Meeting on Hormuz, More
episodePreviously titled “US Rejects Iran's Response, Countries Meeting on Hormuz, More” — renamed by the publisher on Aug 2, 2026
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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 Dan Schwartzman. President Donald Trump labeled Iran's latest response to his proposal to end the 10 week conflict with the U.S. as, quote, totally unacceptable as a two side struggle to maintain a fragile ceasefire. Iran offered to transfer some of its stockpile of highly enriched uranium to a third country. but did reject the idea of dismantling its nuclear facilities, the Wall Street Journal reported earlier. Iran, though, disputed the report, according to Iran's semi-official news agency Tasnim. Instead, the outlet laid out what it said were the terms of Tehran's response. That includes demands for an end to the war on all fronts, the lifting of U.S.
sanctions on the sale of Iranian oil, lifting the U.S. blockade on Iranian ports, and the unfreezing of assets. Here is Bloomberg's Jeff Mason.
The president has long insisted that Iran must not be allowed to have a nuclear weapon. And although he has given mixed messages on what Iran has agreed to before, he clearly was unhappy with the response today broadly from Tehran. And that leaves a lot more of this war and questions about this war unresolved.
That's Bloomberg's Jeff Mason. The price of Brent crude surging on the news. The United Kingdom and France will be hosting a meeting of more than 40 nations to outline their military contributions to a European-led mission to escort ships through the Strait of Hormuz once there's a stable ceasefire. The countries are expected to offer demining, escorting, and air policing capabilities as part of a defensive naval mission. The move would be designed to reassure commercial ships attempting to pass through the crucial waterway. Iran's deputy foreign minister, though, says such a move would be considered an escalation of the war and will be met with a military response. President Trump is scheduled to meet with Chinese President Xi Jinping in Beijing this week, where the two leaders are expected to discuss a trade framework.
National Economic Council Director Kevin Hassett says he has high hopes for the summit.
We're going to have this trip with two leaders that are extremely close with one another. And we're going to be making deals. Exactly how those deals look will depend on how the meetings progress. But my expectation, given the strong relationship between the two presidents, is that there'll be lots of good news for American workers and pervs.
That's National Economic Council Director Kevin Hassett speaking on Fox News' Sunday Morning Futures. The war in Iran is also expected to be a big topic of discussion. U.S. officials are saying that President Trump is likely to press Chinese President Xi Jinping over Beijing's approach to Iran. Officials also said that the two leaders are likely to discuss U.S. concerns about AI as well as issues in the agriculture and energy sectors. After more than a month at sea, the cruise ship linked to a deadly hantavirus outbreak has disembarked passengers off the coast of Spain's Canary Islands.
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