US President Donald Trump is remaining tight-lipped about whether the United States will enter the conflict between Israel and Iran, according to The Guardian.
When asked about the possibility of US air strikes on Iran or its nuclear facilities, Trump responded: “I may do it, I may not. Nobody knows what I’m going to do.”
He added that Iran had recently contacted him but said he felt it was “very late to be talking … there’s a big difference between now and a week ago”.
The head of the United Nations is urging foreign nations to stay out of the conflict, warning that further involvement could escalate tensions.
Meanwhile, the Associated Press reports that Iran’s supreme leader has rejected US calls for surrender amid continued Israeli strikes, warning that any American involvement would result in “irreparable damage to them”.
In a low-resolution video, Ayatollah Ali Khamenei stated that anyone familiar with Iran knows the country is not one to surrender.
“Americans should know that any military involvement by the US will undoubtedly result in irreparable damage to them.”
US President Donald Trump.
Turning to the US, CNBC reports that the Federal Reserve has held interest rates steady in its latest monetary policy decision.
The borrowing rate remains in the range of 4.25% to 4.5%, where it has been since December. The Fed said it expects inflation to remain elevated and anticipates lower growth ahead.
“For the time being, we are well-positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Federal Reserve Chair Jerome Powell said at a news conference following the announcement.
The central bank also indicated that two rate cuts by the end of 2025 are still possible.
Wall Street’s main indices saw modest gains, rising between 0.2% and 0.3%, as traders processed the Fed’s decision.
Jerome Powell.
Staying in the US, the Supreme Court has upheld a Tennessee law banning gender transition care for minors – a decision widely expected to have national implications.
The BBC reports that the justices voted 6–3 in favour of the 2023 law, ruling that restricting minors’ access to treatments such as puberty blockers does not constitute discrimination.
The law was challenged by three transgender teens, their parents, and their doctor, who argued it discriminated on the basis of sex.
However, the court concluded the law addresses the risks and benefits associated with puberty blockers and hormone treatments for gender dysphoria.
The families who sued say the law unfairly targets transgender youth, noting that minors with other medical conditions are still permitted to receive similar medications.
In other business news, Reuters reports that Japan’s Nippon Steel has finalised its US$14.9 billion acquisition of US Steel in an agreement that unusually expands presidential authority.
The deal includes a national security arrangement tied to the Trump administration, granting the US president the power to appoint a board member and hold a “golden share” with non-economic rights.
The US government will also have veto power over a range of corporate decisions, including plant closures, production cuts, and relocating jobs overseas.
White House spokesperson Kush Desai said the golden share would “safeguard America’s national and economic security”.
The deal faced significant opposition last year. After the United Steelworkers union objected to it, both then-President Joe Biden and Donald Trump opposed the acquisition as they campaigned in the swing state of Pennsylvania, where US Steel is based.
Biden blocked the deal shortly before leaving office, citing national security concerns, which triggered lawsuits. However, the companies saw a new opportunity under the Trump administration, which started a national security review in April.
Coils of steel.
Finally, a report by Swiss bank UBS indicates that the United States added 1,000 new millionaires per day in 2024.
The Global Wealth Report found that private individuals’ net worth rose by 4.6% globally and more than 11% in the Americas, driven by a stable US dollar and strong equity markets. The United States accounted for nearly 40% of global millionaires last year, adding about 379,000.
Greater China led in the number of individuals with a net worth between $100,000 and $1 million, accounting for 28.2%, followed by Western Europe at 25.4% and North America at 20.9%.
