US Stops Iran Bound Ship, US Weighs Ceasefire Extension, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. The U.S. military stopped a merchant vessel, the Gambia-flagged cargo ship Leon Star, trying to break through its blockade of Iranian ports by firing a missile into its engine room. The ship had ignored more than 20 warnings from U.S. forces overnight as it tried to enter an Iranian port. The vessel remained adrift in the Gulf of Oman, and U.S. forces have not boarded it, said a U.S. official with knowledge of the situation. The U.S. has now stopped six ships total, trying to breach the blockade. Meanwhile, several Americans were hurt in a missile attack on a Kuwaiti air base. Iranian ballistic missile strike on the airbase caused minor injuries to several Americans and seriously damaged two MQ-9 Reaper strike drones.
That's according to a person with direct knowledge of the attack. Meanwhile, a White House meeting to discuss extending a ceasefire with Iran ended without conclusion, despite President Trump's earlier suggestion that an agreement was near. A White House official said Trump will only make a deal that satisfies his red lines, including Iran ending its nuclear program and reopening the Strait of Hormuz. U.S. Defense Secretary Pete Hegseth praised defense allies in Asia, singling out allies such as South Korea, Japan, and the Philippines, and hailed newly stable ties with China at an Asia security forum in Singapore.
We share a clear-eyed assessment of that security environment. And a mutual understanding that a Pacific dominated by any hegemon would unravel the regional balance of power and undermine the equilibrium we all seek to preserve. The Department of War is working with the utmost focus to prevent any such unraveling.
Hagseth, though, did omit Taiwan in his address, with some interpreting it as a sign of a softer stance on China and a focus on, quote, constructive strategic stability in the U.S.-China relationship. New data shows local economies have taken a hard hit from the Trump administration's immigration surge last year. Bloomberg's Monica Ricks with details.
According to a new report from the Brookings Institution, ICE raids and enforcement resulted in 668,000 job losses, creating a, quote, chilling effect that hurt local economies, businesses and American-born workers nationwide. Industries that traditionally employ a large share of undocumented migrants, like construction, saw the biggest impact. But employment in sectors like arts and entertainment also fell sharply as more people got arrested, stopped going out and spending decreased. The White House didn't comment on the report, but authors of the study called it shocking and costly. Monica Ricks, Bloomberg Radio.
The Trump administration says it plans to appeal a judge's authority to order across-the-board refunds of all tariffs ruled illegal by the Supreme Court. U.S. Customs and Border Protection launched a refund portal in April to pay back most of the $166 billion in tariffs, but the system didn't allow all importers to recover duties.
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