Washington, DC

1. F-35s for Türkiye?
2. US curbs Iran oil
3. Sanders turns on Platner
4. McConnell allies combat rumors
5. Trade deficit widens

Crude oil futures ▲ 5% after the US revoked Iran’s oil sales waiver.

Trump mulls F-35s for Türkiye

President Donald Trump is picking another fight with the GOP-controlled Congress. Today the president suggested he wants to remove sanctions on Türkiye in order to sell Ankara F-35 fighter jets. “It’s something certainly we’d consider,” he said during a meeting with Turkish President Recep Tayyip Erdoğan on the sidelines of Ankara’s NATO summit. Such a move would put him on a collision course with US lawmakers, who passed a law in 2020 that bars the sale of the jets to Türkiye due to Ankara’s use of the Russian S-400 air defense system. It’s unclear how Trump would get around those restrictions, absent an act of Congress. “Selling one of America’s most advanced fighter jets to Türkiye is not in the best interest of the United States,” Rep. Mike Lawler, R-N.Y., told Semafor. “It risks compromising critical technology and sends the wrong message to our allies.”

US blocks Iran’s right to sell oil after attacks

Iran tested the limits of the ceasefire today and will pay an economic price for it. The US revoked a license that allows Tehran to sell its oil after regime forces fired on at least three commercial vessels traveling through the Strait of Hormuz. In the last two weeks, Iran has targeted tankers following US-approved routes through the strait that avoid its waters by hugging the Omani coast. Iran’s leaders have argued they should have total control over all traffic through the waterway — a leverage point in negotiations with the United States. Commercial data shows trade declined after the regime’s attacks two weeks ago, but Iran hasn’t managed to bring shipping to a standstill. In the long run, Iran’s actions could even backfire, as neighbors are pumping billions into pipelines, rail systems, and other shipping alternatives to bypass the strait altogether.

Sanders breaks Platner silence as progressives fight for influence

Sen. Bernie Sanders, I-Vt., broke a conspicuous silence today to try to nudge Graham Platner out of the Senate race in Maine — but the beleaguered candidate’s most important endorser stayed quiet on a potential replacement. That’s a contrast with other progressives, who hope to salvage some validation from the wreckage of the Platner campaign, Semafor’s David Weigel reports. The Democrat’s challenge to Sen. Susan Collins, R-Maine, survived multiple scandals but imploded after a woman accused him of sexual assault. Potential new candidates are already jockeying, with retiring Rep. Jared Golden taking calls from people urging him to run. One centrist Democrat is calling for an open process to replace Platner, while others are still frustrated with the left: “Bernie Sanders needs to apologize for pushing this predator to Democrats, especially after the serious allegations of abuse towards women,” said Sen. John Fetterman, D-Pa.

McConnell allies speak up to quash health rumors

After days of online speculation about Sen. Mitch McConnell’s health reached a fever pitch yesterday, a succession of prominent conservatives said today the veteran Kentucky Republican is alert as he recovers in the hospital from an unspecified ailment. Senate Majority Leader John Thune “spoke with Sen. McConnell yesterday by phone. They had a lengthy and substantive conversation that covered a variety of topics, including national security,” said a Thune spokesperson. Commentator Scott Jennings, a former McConnell adviser, posted on X that he’d spoken with McConnell for 20 minutes about Iran, Ukraine, and the Senate race in Maine. A McConnell spokesperson said the senator was continuing to improve and was “working closely with his staff on Kentucky and Senate matters.” In recent days, influential MAGA accounts with millions of followers pushed conspiracy theories about McConnell’s hospitalization.

— Nicholas Wu

Trade deficit widens as new tariffs loom

The US trade deficit widened in May to the highest level in a year, according to new Commerce Department data, driven by what analysts suspect was a surge in imports ahead of new tariffs. The Supreme Court struck down many of Trump’s tariffs earlier this year, but as the White House seeks workarounds, businesses may be stockpiling merchandise to prepare. The Iran war increased US oil exports, but war-driven supply chain disruption also contributed to import volatility. (The previous driver of the US trade deficit this year was the influx of goods fueling the AI data center buildout.) The data from May is important to economists as they calculate second quarter gross domestic product, a key indicator the Federal Reserve monitors as it determines interest rates. Lower-than-expected GDP growth will dampen prospects for rate cuts, which the Fed has signaled are unlikely this year.

Is the World Cup a raw deal for cities? FIFA’s New York frontman disagrees. On this week’s Compound Interest, presented by Amazon Business, New York-New Jersey Host Committee CEO Alex Lasry joins Liz and Rohan to discuss what’s really in it for the two states, why he thinks you can’t put a price on the opportunity, how celebrities are getting their hands on coveted tickets, and the hypothetical logistical nightmare that keeps him up at night. Plus, his family’s experience owning the Milwaukee Bucks and why he thinks more sports owners should prioritize the fan experience over the bottom line.

Listen to the latest Compound Interest now.

White House

• The dean of Yale Law School is trying to stop a settlement between the university and the Trump administration. — NYT

Congress

• A group of Democratic lawmakers sent a letter to law firm Cantor Fitzgerald seeking information about potential conflicts of interest involving Commerce Secretary Howard Lutnick and the US government’s $1.6 billion investment in USA Rare Earth. — WSJ
• A group representing more than 1,500 congressional staffers is pressing congressional leaders to overhaul how Congress handles sexual misconduct complaints.
• Supreme Court Justices Amy Coney Barrett and Elena Kagan will testify on the court’s annual budget request to Congress next week.

Courts

• A federal judge ruled that the Department of Justice cannot have the names and personal contact information of those who worked during the 2020 election in Georgia’s Fulton County.
• A lawsuit filed today alleges the Trump administration illegally shared confidential asylum information about Iranian deportees with Iran.
• A federal appeals court ruled that Florida’s “Stop WOKE” law restricting how race and gender are taught in public schools violates free speech rights.

Campaigns

• Texas Attorney General Ken Paxton may have violated state election law by voting multiple times using an address where he reportedly no longer lived. — Texas Tribune

Technology

• Chinese authorities are considering restricting overseas access to China’s most advanced AI models. — Reuters
• Chinese startup DeepSeek is developing its own AI chip, which could reduce its reliance on Nvidia and Huawei. — Reuters

National Security

• NATO announced a $4.5 billion plan to buy 10 Swedish Saab surveillance planes instead of US-made aircraft from Boeing.

Polls

• A new AP-NORC poll found that one-third of US adults surveyed, and half of Democrats, believe Israel has committed genocide against Palestinians in Gaza.

World

• A French appeals court upheld far-right leader Marine Le Pen’s conviction but will allow her to run in the 2027 presidential election (though likely from her home with an ankle monitor).
• The leader of Britain’s right-wing Reform UK party, Nigel Farage, resigned from Parliament and announced that he will stand for his seat again in a special election, a move that pauses an inquiry into his finances by a government watchdog.
• Lieutenant General Nick Perry will become the first British officer to command NATO’s Joint Force Command Norfolk, marking a major shift toward greater European leadership in the alliance.
• The International Olympic Committee provisionally lifted its suspension of the Russian Olympic Committee, clearing the way for Russian athletes to compete in 2028.

Media

• Prince Harry lost his lawsuit against the publisher of the Daily Mail, which he’d accused of phone hacking.

— President Trump on Turkish President Erdoğan after landing in Ankara.

Laura McGann, editor

With help from Elana Schor, senior Washington editor, and Morgan Chalfant, Washington briefing editor

Graph Massara and Laur