Nearing the six-month mark of the Iran war and facing diminishing stockpiles of key weapons, the Trump administration is touting a crushing financial campaign against Tehran, promising an “economic D-Day” against a country that has so far withstood nearly five decades of punishing American sanctions.
With sparse details, President Donald Trump announced this week that the U.S. would be imposing an “unprecedented” level of economic warfare and isolation
on Iran, aiming to force its leadership to cave to demands to end its nuclear program and fully reopen the crucial Strait of Hormuz to oil and natural gas tankers.
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The U.S. and South Korean militaries ended their annual drill six days earlier than initially scheduled Friday in a conciliatory gesture toward North Korea.
Trump had earlier abruptly ordered the Pentagon to “substantially reduce” the Ulchi Freedom Shield exercise just before it began Monday. Trump cited what he described as a good relationship with North Korean leader Kim Jong Un and South Korea’s refusal to support him over the war in Iran.
The end of the drill comes after North Korea said such a step isn’t enough to persuade it to return to talks.
On Thursday, North Korea fired about 10 short-range ballistic missiles toward the sea, apparently following through with its previous threat to respond to the drills that it views as an invasion rehearsal.
In a social media post Friday, the president said his administration will allow more beef to be imported into the U.S. without triggering a higher tariff rate that would otherwise go into effect.
The agreement, Trump said, allows up to 300,000 metric tons of ground beef to be brought into the U.S. for the next 90 days without activating an “out of quota” tariff.
The president said he had a commitment that the beef would be sold at 25% below current market rates, making beef cheaper for American consumers.
Trump did not say who the deal was with or what countries the beef will be imported from. The White House did not immediately respond to a request for more details.
An out-of-quota tariff is a higher tax that goes into effect once a certain quantity of that product enters the U.S.
Trump said the agreement would help rebuild the U.S. beef herd and ultimately help American ranchers. But the American cattle industry has in the past balked at Trump’s plans to import more foreign beef, such as his effort last year to bring in more beef from Argentina.
Trump is scheduled to travel to South Carolina on Friday to make a last-minute appeal for Sen. Darline Graham, his chosen candidate to replace her brother, the late Sen. Lindsey Graham, ahead of a Republican runoff next week.
Voters will decide Tuesday whether Graham or Rep. Ralph Norman will be Republicans’ nominee on the November ballot.
The Myrtle Beach rally is the sort of campaign trail occasion that Trump hasn’t done as much of this year, compared with past midterms, making it a signal of the importance Trump is placing on a win for his pick.
It’s also an opportunity for the president to wade into friendly territory ahead of the midterm elections that leave his party’s control of Congress hanging in the balance. South Carolina hasn’t elected a Democrat statewide in decades, its House delegation has only one Democrat and Trump’s own victory in the 2016 presidential primary here helped propel him toward the nomination and ultimately the White House.
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Justice Department investigators have sought to interview law enforcement officials related to the FBI search of Donald Trump’s Mar-a-Lago estate as part of a Florida-based inquiry aiming to establish a conspiracy against the Republican president, multiple people familiar with the matter said Thursday.
The requests for interviews, made in recent weeks, suggest a conspiracy investigation that had mostly appeared focused on the decade-old question of Russian interference in the 2016 presidential election is also examining a more contemporary event — the 2022 search of Mar-a-Lago that resulted in the FBI seizing top secret documents from the president’s Palm Beach estate.
The requests for voluntary interviews were not made through subpoenas, said the people, who spoke on condition of anonymity to discuss an ongoing investigation with The Associated Press.
It is not clear when or if prosecutors might seek to bring charges, or for what, but investigating conduct that occurred in Florida might give the Justice Department the legal hook it needs to try to anchor a prosecution in the state.
— Eric Tucker and Alanna Durkin Richer
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World shares were mixed Friday after a retreat on Wall Street as a U.S. Treasury Department plan to boost its government debt buybacks appeared to have only limited capacity to calm markets.
The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.3%.
The Treasury Department announced Wednesday that it will at least double the size of its planned purchases of longer-term government debt, while Treasury Secretary Scott Bessent signaled Thursday that the repurchase program could be larger.
The announcement temporarily brought down government bond yields, which have been elevated under concerns about high inflation partly caused by the war in Iran and rising U.S. government debt. Higher yields tend to slow the broader economy because of increased borrowing costs across the financial system and can undercut stock prices.
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Nearing the six-month mark of the Iran war and facing diminishing stockpiles of key weapons, the Trump administration is touting a crushing financial campaign against Tehran, promising an “economic D-Day” against a country that has so far withstood nearly five decades of punishing American sanctions.
With sparse details, President Donald Trump announced this week that the U.S. would be imposing an “unprecedented” level of economic warfare and isolation on Iran, aiming to force its leadership to cave to demands to end its nuclear program and fully reopen the crucial Strait of Hormuz to oil and natural gas tankers.
It reflects the dire reality Trump faces with an increasingly unpopular war he can’t seem to end just months before pivotal midterm elections that will decide whether his Republican Party keeps control of Congress. Whether out of desperation or strategy, the president is refocusing America’s might on bringing Iran to its knees through an accelerated sanctions campaign against one of the most economically penalized countries in the world.
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