Trump creates ‘breathing space' for Iran
Trump creates 'breathing space' for Iran
After President Donald Trump announced he would make a decision on military action against Iran within two weeks, European and Iranian official are meeting for discussions in Geneva, Switzerland. CNN's Chief Global Affairs Correspondent Matthew Chance gives his analysis on the diplomatic talks and what comes next.
01:01 - Source: CNN
Iran's foreign minister responds to Trump's call for negotiations
After President Trump opened a two-week negotiating window before he decides whether to strike Iran, Iranian Foreign Minister Abbas Araghchi says the country is not seeking negotiations with the United States.
00:16 - Source: CNN
Iranian missile strikes major Israeli medical center
CNN's International Diplomatic Editor, Nic Robertson, reports from Beer Sheva, Israel, where a hospital was struck during an Iranian attack. Iran said it was targeting an Israeli intelligence and command center 'near a hospital.' There have been no reported deaths from the strike.
01:04 - Source: CNN
Israel's defense minister: Khamenei cannot 'continue to exist'
Israel's Defense Minister Israel Katz said Iran's Supreme Leader Ayatollah Ali Khamenei cannot be allowed to 'continue to exist,' after an Israeli hospital was struck by an Iranian missile on Thursday.
00:13 - Source: CNN
CNN correspondent reports on the ground in Tehran
Air defense systems had been activated over Tehran overnight, according to a Telegram post from Iran's Islamic Revolutionary Guard Corps. CNN's Fred Pleitgen reports on the scene.
01:41 - Source: CNN
CNN on the ground in Tehran
CNN's Fred Pleitgen is in Iran's capital city of Tehran and is the first western journalist to enter the country since its conflict with Israel started. Hear his first impressions and what he's witnessed as he journeyed across Iran.
01:28 - Source: CNN
Trump says decision on Iran will come down to the last second
CNN's Kaitlan Collins asks President Trump if he has made a final decision on whether to intervene in the Israel-Iran conflict.
01:12 - Source: CNN
This is how the US could get involved in the Israel-Iran conflict
CNN's Nick Paton Walsh reports on how the US could get involved in the conflict between Israel and Iran while the countries continue trading strikes for a sixth day, with civilians in flashpoint areas facing waves of attacks.
02:14 - Source: CNN
Trump open to assisting Israel in conflict with Iran
CNN's Kaitlan Collins gives the latest reporting on the White House debating whether to intervene in the Israel-Iran conflict.
00:58 - Source: CNN
Woman gives birth to triplets in underground Israeli hospital
A woman gave birth to triplets Monday in Israel's Rambam hospital, one of several in the country that have moved some operations underground as Iranian strikes hit the city of Haifa this week, according to Reuters.
00:44 - Source: CNN
What Iranian residents are texting to CNN as strikes hit
As Israeli strikes zeroed in on Iran's capital city of Tehran, CNN's Clarissa Ward reports from Tel Aviv some of the messages she's received from residents in Iran offering a glimpse into the daily anxieties of living in a country faced with an ever-escalating conflict in the sky.
01:33 - Source: CNN
Trump disputes intel chief Tulsi Gabbard on Iran
President Donald Trump disputed his own director of national intelligence, Tulsi Gabbard, on how developed Iran's nuclear capabilities are and said Iran was on the verge of obtaining a nuclear weapon when Israel struck in recent days.
00:26 - Source: CNN
Trump tells CNN reporter why he left G7
As President Donald Trump returns to the United States after leaving the G7 summit early, he took questions from journalists aboard Air Force One. Watch his answer to CNN's Chief White House correspondent Kaitlan Collins' question on why he left early.
00:44 - Source: CNN
Trump slams Macron's comment on why he had to leave G7 summit early
US President Donald Trump called out French President Emmanuel Macron over his counterpart's suggestion that he left the G7 summit to work on a ceasefire between Israel and Iran. "He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire," Trump wrote on Truth Social.
00:35 - Source: CNN
Kaitlan Collins explains why Trump left G7 summit early
President Donald Trump is heading back early to Washington from the G7 summit in Canada, as the conflict between Israel and Iran enters its fifth day. CNN's Kaitlan Collins reports on the escalating attacks between the two sides and Trump's warning to civilians in Tehran.
00:55 - Source: CNN
Ex-Israeli Defense Minister's message to Trump
Benny Gantz, Chairman of Israel's National Unity Party, and the former Minister of Defense speaks to CNN's Anderson Cooper following Israel's attack on Iran.
01:08 - Source: CNN
Video shows Pakistani students returning home from Tehran
Hundreds of Pakistani students who left their studies in Tehran amid daily strikes on the city by Israel, have crossed back into Pakistan, a local official told CNN.
00:28 - Source: CNN
CNN team sees strike damage in Tel Aviv
Residents in Tel Aviv, Israel, are reeling after another round of Iranian strikes on the city overnight. CNN's International Diplomatic Editor Nic Robertson visits a street in the center of the city where buildings were severely damaged and windows blown out by Iranian missiles.
01:28 - Source: CNN
What we know about Iran's key nuclear site
It's key to Iran's nuclear program: the Fordow plant - in a mountain lair where hundreds of centrifuges, hidden possibly 90 meters underground, enrich uranium to 60%. CNN's Nick Paton Walsh explains what we know about the key site in Israel's crosshairs.
01:00 - Source: CNN
CNN asks Israeli official about plans to eliminate Iran's nuclear program
Former Israeli Defense Minister Yoav Gallant tells CNN's Bianna Golodryga that it's up to the "free world" to eliminate Iran's nuclear program.
01:14 - Source: CNN
Trump slams G7 for kicking out Russia
President Donald Trump kicked off his visit to the G7 summit in Canada by criticizing nations for kicking out Russia eleven years ago.
00:36 - Source: CNN
Shipping industry navigates Trump's trade war
CNN's Kristie Lu Stout gets exclusive access on board a US-bound container ship in Hong Kong's port, the frontlines of China's 'export rush' chaos as the clock ticks down on a 90-day pause on US tariffs imposed on Chinese goods.
01:11 - Source: CNN
Iranian state television says it was attacked by Israel
The studio complex of Iran's state news channel IRINN was struck by Israel on Monday, according to the country's state news agency. A loud explosion was heard while an anchor was presenting live on air, according to a live feed.
00:19 - Source: CNN
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Trump Pledge of Quick China Magnet Flows Has Yet to Materialize
(Bloomberg) -- Almost 10 days since President Donald Trump declared a 'done' trade deal with Beijing, US companies remain largely in the dark on when they'll receive crucial magnets from China — and whether Washington, in turn, will allow a host of other exports to resume. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown While there has been a trickle of required permits, many American firms that need Chinese minerals are still waiting on Beijing's approval for shipments, according to people familiar with the process. China's system is improving but remains cumbersome, they said, contrary to Trump's assurances rare earths would flow 'up front' after a June 11 accord struck in London. The delays are holding an array of American industries hostage to the rocky US-China relationship, as some firms wait for magnets and others face restrictions selling to China. That friction risks derailing a fragile tariff truce clinched by Washington and Beijing in Geneva last month, and triggering fresh rounds of retaliation. Interviews with multiple Western buyers, industry insiders and officials familiar with discussions revealed frustration over vague policies in both countries and lingering confusion about what level of magnet approvals from China would trigger Trump to abandon his tit-for-tat export curbs. 'Even if export approvals accelerate, there are so many unknowns about the licensing regime that it's impossible for companies to have a strong sense of certainty about future supply,' said Christopher Beddor, deputy China research director at Gavekal Research. 'At a minimum, they need to factor in a real possibility that talks could break down again, and exports will be halted.' In response to China's sluggishness on magnets, Trump last month restricted US firms from exporting chip software, jet engines and a key ingredient to make plastic to China until President Xi Jinping restores rare-earth exports. Companies subject to Washington's curbs have halted billions of dollars in planned shipments as they wait for players in unrelated sectors to secure permits from Beijing, which could take weeks or even months to process, given the current pace. Corporate chiefs affected by the export-control spat have sought clarity from the administration on its strategy, according to people familiar with the matter. The Commerce Department — which administers the rules — has offered few details, they added. Oil industry executives have tried to convince Trump officials that blocking exports of ethane — a gas used to make plastics — is contrary to US national security interests, according to people familiar with the deliberations. Business leaders have asked for export restrictions to be removed but that's been unsuccessful so far, the people said. Energy and chemical giant INEOS Group Holdings SA has one tanker full of ethane waiting to go, while Enterprise Products Partners has three to four cargo ships stuck in limbo, according to a person familiar with the matter. That's particularly galling because China has adequate ethane supplies in reserve and can switch to using naphtha from the Middle East and other regions for much of their production, the people said. Representatives from the companies did not respond to requests for comment. Industry figures have consistently told the Trump administration the ethane export restrictions are inflicting more pain on US interests than on China, according to the people. China's Ministry of Commerce, which administers export licenses, hasn't responded to Bloomberg's questions on how many for rare earths have been granted since the London talks. At a regular briefing in Beijing on Thursday, spokesperson He Yadong said Beijing was 'accelerating' its process and had given the go-ahead to a 'certain number of compliant applications.' Access to rare earths is an issue 'that is going to continue to metastasize until there is resolution,' said Adam Johnson, chief executive officer of Principal Mineral, which invests in US mineral supply chains for industrial defense. 'This is just a spigot that can be turned on and off by China.' China only agreed to grant licenses — if at all — for six months, before companies need to reapply for approvals. Firms doing business in the US and China could see recurring interruptions, unless the Commerce Ministry significantly increases its pace of process applications. Adding an extra layer of jeopardy for US companies, Chinese suppliers to America's military-industrial base are unlikely to get any magnet permits. After Trump imposed sky-high tariffs in April, Beijing put samarium — a metal essential for weapons such as guided missiles, smart bombs and fighter jets — on a dual-use list that specifically prohibits its shipment for military use. Denying such permits could cause ties to further spiral if Trump believes those actions violate the agreement, the terms of which were never publicized in writing by either side. That sticking point went unresolved during roughly 20 hours of negotiations last week in the UK capital, people familiar with the details said. Complicating the issue, companies often buy magnets from third-party suppliers, which serve both defense and auto firms, according to a person familiar with the matter. That creates a high burden to prove to Chinese authorities a shipment's final destination is a motor not a missile, the person added. Beijing still hasn't officially spelled out the deal's requirements, nor has Xi publicly signaled his endorsement of it — a step Trump said was necessary. 'The Geneva and London talks made solid progress towards negotiating an eventual comprehensive trade deal with China,' White House spokesman Kush Desai said. 'The administration continues to monitor China's compliance with the agreement reached at Geneva.' China's Commerce Ministry is working to facilitate more approvals even as it asks for reams of information on how the materials will be used, according to people familiar with the process. In some cases, companies have been asked to supply data including detailed product designs, one of the people said. Morris Hammer, who leads the US rare-earth magnet business for South Korean steelmaker Posco Holdings Inc., said Chinese officials have expedited shipments for some major US and European automakers since Trump announced the agreement. China's Advanced Technology & Materials said Wednesday it had obtained permits for some magnet orders, without specifying for which destinations. The company's customers include European aerospace giant Airbus SE, according to data compiled by Bloomberg. Around half of US suppliers to Toyota Motor Corp., for example, have had export licenses granted, the company said – but they're still waiting for those materials to actually be delivered. It's likely some of the delays are transport-related, one of the people said. Even with permits coming online, rare-earth materials are still scarce because overseas shipments were halted for two months starting in April, depleting inventories. Trump's agreement 'will allow for rare earths to flow out of the country for a short period of time, but it's not helping the auto industry because they're still talking shutdowns,' Hammer said. 'Nobody trusts that this thaw is going to last.' For many automakers, the situation remains unpredictable – forcing some to hunt for alternatives to Chinese supplies. Two days after Trump touted a finalized trade accord in London, Ford Motor Co. Chief Executive Officer Jim Farley described a 'day-to-day' dynamic around rare-earths licenses – which have already forced the company to temporarily shutter one plant. General Motors Co. has emphasized it's on firmer footing in the longer term, because it invested in domestic magnet making back in 2021. The automaker has an exclusive deal to get the products from MP Materials Corp. in Texas, with production starting later in the year. It has another deal with eVAC of Germany to get magnets from a South Carolina plant starting in 2026. In the meantime, GM and its suppliers have applied for permits to get magnets from China, a person familiar with the matter said. Scott Keogh, the CEO of Scout Motors — the upstart EV brand of Volkswagen AG — told Bloomberg Television his company is re—engineering brakes and drive units to reduce the need for rare earths. Scout is building a plant in South Carolina to make fully electric and hybrid SUVs as well as trucks starting in 2027. Until the rare-earth supply line is re-opened to Washington's satisfaction, Trump has indicated that the US is likely to keep in place its own export restrictions. Senior US officials have suggested the curbs are about building and using leverage, rather than their official justification: national security. Commerce Secretary Howard Lutnick said the measures were used to 'annoy' China into complying with a deal US negotiators thought they'd already reached. Restrictions on sales to China of electronic design automation software for chipmaking are emblematic of the standoff. Those EDA tools are used to design everything, from the highest-end processors for the likes of Nvidia Corp. and Apple Inc. to simple parts, such as power-regulation components. Fully limiting China's access to the best software, made by a trio of Western firms, has been a longtime priority in some Washington national security circles — and would build on years of US measures targeting China's semiconductor prowess. While some senior Trump officials specifically indicated the administration would relax some semiconductor-related curbs if Beijing relents on rare earths, EDA companies still lack details on when, and whether, their China access will be restored, said industry officials who requested anonymity to speak candidly. Even if that happens, there's worry that heightened geopolitical risks will push Chinese customers to hunt for other suppliers or further develop domestic capabilities. 'The risk is there for the London deal to fall apart,' said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis. 'Because rare earths is a very granular issue and mistakes can be made.' --With assistance from Jennifer A. Dlouhy, David Welch, Lucille Liu, James Mayger, Jing Li, Joe Ryan and Nicholas Lua. 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Lawmaker queries retailers in probe of link between tariffs and grocery prices
This story was originally published on Grocery Dive. To receive daily news and insights, subscribe to our free daily Grocery Dive newsletter. Sen. Maggie Hassan has asked Albertsons, Kroger, Walmart, Costco and Dollar General for information about how increased tariffs the Trump administration has imposed on imported steel and aluminum could affect stores, suppliers and costs in the grocery supply chain. In June 18 letters to the chief executives of the retailers, the New Hampshire senator requested details including how they expect tariffs on the metals — which doubled to 50% on June 4 — to impact the cost of private label products, particularly canned foods and frozen meals. Hassan, the ranking member of Congress' Joint Economic Committee, indicated that Democrats on the Republican-controlled panel are especially interested in how increases in metal prices could impact canned good costs. She asked the retailers for details about their costs, revenue and profit margins for their best-selling canned food and aluminum foil products over the past five quarters. In addition, Hassan requested information about how customers who receive Supplemental Nutrition Assistance Program (SNAP) benefits shop for canned goods, including a breakdown of their purchases in terms of brand name and private label products. Hassan also said she wants an estimate of the number of jobs the retailers support in industries such as construction, food packaging and food processing. 'High grocery prices are a top economic concern for Americans, and experts state that tariffs could significantly increase the cost of canned foods,' Hassan wrote. 'Experts have also noted potential impacts from tariffs on the costs of shelving, equipment, transportation, and other inputs that grocery stores and their suppliers need to operate, which, in turn, could also lead to higher food prices for customers.' In the letters, Hassan cited data from the Consumer Brands Association indicating that the 50% levy on imported steel could push prices for canned foods up by between 9% and 15%. She also pointed to statistics showing that the U.S. imports almost 70% of the steel used for canned fruits and vegetables. Hassan gave the retailers until July 9 to supply the information she requested. Grocery prices rose at an annual rate of 2.2% in May, the Bureau of Labor Statistics reported June 11. By comparison, food-at-home inflation came in at 2% in April and 2.4% in March. Recommended Reading Trump tariffs could hike canned food prices up to 15%, trade group says Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Chip equipment stocks fall after US plans to revoke China waivers
-- Taiwan Semiconductor Manufacturing (NYSE:TSM) stock fell 2%, Lam Research (NASDAQ:LRCX) shares tumbled 5%, and Applied Materials (NASDAQ:AMAT) dropped 4% following reports that a U.S. official plans to revoke technology waivers for chipmakers operating in China. Jeffrey Kessler, who leads the export controls unit at the Commerce Department, has informed major semiconductor manufacturers including Taiwan Semiconductor Manufacturing, Samsung Electronics (KS:005930), and SK Hynix of his intention to cancel blanket waivers that currently allow them to ship American chip-making equipment to their factories in China without applying for separate licenses each time, according to the Wall Street Journal. The potential policy change is reportedly part of the Trump administration's broader efforts to restrict critical U.S. technology from going to China. If implemented, the move could create significant disruption both diplomatically and economically, coming shortly after the U.S. and China established a trade truce in London. White House officials have stated that this action would not represent a new trade escalation but would instead align the licensing system for chip equipment with China's existing system for rare-earth materials. They added that the U.S. and China continue to make progress on completing their London agreement. "Chip makers will still be able to operate in China. The new enforcement mechanisms on chips mirror licensing requirements that apply to other semiconductor companies that export to China and ensure the United States has an equal and reciprocal process," a Commerce Department spokesman said. The semiconductor equipment sector is particularly vulnerable to changes in U.S.-China trade policy, as many companies rely on access to the Chinese market for significant portions of their revenue. Related articles Chip equipment stocks fall after US plans to revoke China waivers QXO won't participate in bidding war for GMS - source Reddit in talks to use Sam Altman's World ID for user verification - Semafor
