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What are the latest updates on President Trump's Iran deal?
Live from NPR News, I'm Giles Snyder. President Trump says everyone he met at the G7 in France, quote, loves the deal he's agreed to with Iran. For his part, French President Emmanuel Macron says it does not resolve everything, but it is key for the global economy. As NPR's Michelle Kellerman reports.
President Trump has faced a lot of criticism from Iran hawks for signing a deal that focuses on the Strait of Hormuz and starts a 60-day clock to negotiate over Iran's nuclear program, which was the initial reason for launching the war. But Trump says only, quote, stupid people want him to continue dropping bombs.
And it's a memorandum of understanding. If it doesn't get done in 60 days, that's all right.
We go back to bombing. You know, I don't want to do that because it's so good. He says the U.S. won't give Iran any money under the deal, but the agreement does pave the way for sanctions relief and investments from the region. Michelle Kellerman, NPR News, the State Department.
Back in Washington, D.C., new Federal Reserve Chairman Kevin Warsh pledged to get inflation under control.
Persistently high prices are a burden for the American people. But the recent past need not be prologue. I am pleased to report... that members of the FOMC are unambiguous and unanimous. This committee will deliver price stability.
The Fed held its benchmark interest rate steady, but stocks tumbled today after policymakers signaled they may have to raise interest rates by the end of this year. The S&P 500 slumped 1.2%. The Dow gave back morning gains to finish with a drop of 1%. and the Nasdaq Composite closed down 1.3%.
Meanwhile, stocks are steady in Asia, with Japan's benchmark Nikkei share average rallying to another record high, above the 71,000 mark for the first time. On to Tropical Storm Arthur brewing off the Gulf Coast and dousing Texas and Louisiana. NPR's Debbie Elliott reports on the first named storm of the Atlantic hurricane season.
Tropical storm warnings are posted from High Island, Texas to Morgan City, Louisiana. Forecasters with the National Hurricane Center say Arthur will bring tropical storm force winds near 40 miles an hour, along with heavy rainfall and coastal flooding to Texas and Louisiana. Flash flooding is also possible as the storm moves eastward into Mississippi, Alabama, Georgia and the Florida Panhandle.
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