FirstFT: Trump fuels hypothesis of US involvement in Iran

At present’s agenda: Huge Tech lobbies towards AI guidelines; US to delay TikTok ban once more; Huge Learn on coal; Martin Wolf on Trump’s “big, beautiful” invoice

Good morning. We begin within the Center East, the place the query because the conflict enters its sixth day is whether or not the US will be a part of Israeli navy motion towards Iran. Right here’s what we all know.

Will Trump become involved? The US president’s current remarks have stoked hypothesis. He known as for Tehran’s “unconditional surrender” and stated his persistence was “wearing thin”, and boasted that Iran’s supreme chief Ayatollah Ali Khamenei was an “easy target”. Vice-president JD Vance stated Trump “may decide he needs to take further action” to cease Iran enriching uranium. Individuals aware of the administration’s discussions stated officers had been actively debating American involvement. The US has additionally been sending extra navy property to the area.

Why it issues: Whereas Israel’s navy has had early successes since launching its shock assault on Iran final Friday, analysts are uncertain it will be capable of destroy Iran’s nuclear capabilities with out US involvement. The US is the one nation believed to have bombs highly effective sufficient to break the essential Fordow uranium enrichment plant, which is deep underground and shielded by metres of strengthened concrete. Up to now, US officers say it has adopted a defensive posture, however this has included serving to Israel to shoot down incoming Iranian missiles and drones.

In the meantime, Israel stated it launched a contemporary spherical of assaults close to Tehran this morning. Comply with our reside weblog for the most recent updates.

• Nuclear catastrophe? Israel’s assaults on uranium enrichment services have precipitated localised radioactivity, however contamination seems restricted.

• ‘Iranian lioness’: State TV anchor Sahar Emami has grow to be a image of resistance after she saved broadcasting amid Israeli bombing.

• Tanker collision: A crash between two oil tankers close to the Strait of Hormuz has raised anxieties about GPS interference within the area.

• Netanyahu: The Israeli prime minister has constantly misinterpret the area because the Nineteen Eighties, writes Kim Ghattas, dooming it to infinite cycles of violence.

Right here’s what else we’re preserving tabs on at the moment:

• Financial information: The EU and UK publish client worth inflation information.

• US rates of interest: The Federal Reserve will in all probability be cautious about chopping borrowing prices in its determination at the moment with new financial shocks from the Center East.

• Russia: President Vladimir Putin will welcome attendees to the three-day twenty eighth St Petersburg Worldwide Financial Discussion board.

5 extra prime tales

1. Huge Tech is pushing for a 10-year ban on AI regulation by particular person US states, in a controversial transfer that has cut up the substitute intelligence business and Trump’s Republican get together. Individuals aware of the strikes stated lobbyists are appearing on behalf of Amazon, Google, Microsoft and Meta to urge the Senate to enact the moratorium.

2. Trump plans to delay a ban on TikTok for a 3rd time, extending a deadline for the Chinese language-owned platform to divest a stake within the platform by 90 days. The White Home stated Trump would signal an govt order this week to maintain the favored social media app up and operating whereas a deal is being reached.

3. Unique: HSBC is contemplating forcing workers again to the workplace a minimum of three days every week. Chief govt Georges Elhedery has mentioned the group-wide coverage with executives throughout the financial institution’s companies, folks concerned within the deliberations stated, with some managers pissed off that many workers are nonetheless largely working from house.

4. Unique: Boston Consulting Group pitched the UN company for Palestinian refugees on working for its humanitarian effort in Gaza, months earlier than serving to launch a extensively condemned rival help scheme that sidelined the UN. In accordance with folks aware of the matter and correspondence seen by the FT, shortly after Israel’s navy marketing campaign started in late 2023, the corporate had supplied professional bono work to UNRWA.

• Gaza: Israeli troopers killed 59 Palestinians who had gathered within the hope of receiving help at two areas within the enclave, in accordance with the native well being ministry.

5. A mayoral candidate in New York was detained by legislation enforcement yesterday whereas attempting to escort a defendant out of immigration courtroom, his spokesperson stated. The arrest of Brad Lander, who can also be the town’s prime finance official, highlights the rising political temperature in response to Trump’s deportation push.

The Huge Learn

Instantly after the Paris local weather accord was signed almost a decade in the past, it appeared as if world leaders had been lastly in settlement, with a number of international locations pledging to stop coal solely to restrict international warming. Many individuals from consultants to politicians believed demand for the soiled vitality supply had peaked. They might not have been extra unsuitable.

We’re additionally studying . . . 

• Eternally chemical compounds: Researchers say a current transfer to relook at how the controversial substances are outlined has been motivated by industrial pursuits, writes Anjana Ahuja.

• Reform UK: Some within the Labour get together concern Prime Minister Sir Keir Starmer’s transfer to label Nigel Farage’s populist get together as “the real opposition” gave it an excessive amount of credibility.

• UK non-doms: Labour should reverse an exodus of the rich that may hurt Britain’s financial system, writes our editorial board.

Chart of the day 

Whose curiosity does Trump serve? His “big beautiful” price range invoice is a strong instance of “pluto-populism”, writes Martin Wolf: the wealthy obtain many of the goodies; the poor grow to be poorer; and the fiscal deficit stays enormous.

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