by Patrick Fearon-Hernandez, CFA, and Thomas Wash

[Posted: 9:30 AM ET] | PDF

Our Comment today opens with an update on the conflict in Iran, where the June ceasefire has essentially collapsed and produced an enormous spike in global oil prices. We next review several other developments that could affect the financial markets today, including new data showing that Chinese exports are benefiting from the global artificial intelligence boom in the same way that South Korean and Taiwanese firms are, and a preview of Federal Reserve Chair Warsh’s first semiannual testimony before Congress today.

United States-Israel-Iran: The US yesterday re-imposed its embargo against Iran’s ports and launched a new wave of attacks on the country, with President Trump also announcing that the US will begin to charge a 20% fee on international shipping through the Strait of Hormuz. In turn, the Iranian government said it would never allow the US to control the strait and launched its own new strikes against US and allied military targets across the region. As we asserted yesterday, it appears that the June ceasefire between the US and Iran is now abandoned.

• In response to the renewed fighting and the US’s reimposition of its embargo, Brent crude futures prices jumped 9.6% yesterday to settle at $83.30 a barrel. That marked the largest daily percentage gain for Brent since May 2020. The jump in crude prices yesterday brought prices essentially back to the level they were at one month ago, right before the announcement of the US-Iran ceasefire.
• Separately, Dubai-based port operator DP World reportedly plans to build a new port and container terminal on the United Arab Emirates’ east coast that would reduce Dubai’s dependence on its flagship Jebel Ali hub and bypass the Strait of Hormuz. The move is consistent with our expectation that Persian Gulf countries in the coming years will build many new pipelines and other infrastructure to cut their reliance on the Strait of Hormuz. Once completed, those facilities will reduce Iran’s importance in the region.

Israel: As the Israeli government announced that its next parliamentary elections will be held on October 27, several new opinion polls show voters now favor centrist former military chief Gadi Eisenkot over Prime Minister Netanyahu. The polls suggest Eisenkot’s new Yashar party could become the biggest faction in the new parliament, setting the stage for it to potentially lead the government. Such an outcome would likely shift Israel away from its current aggressive stance toward Iran, among other implications.

China: The June trade balance showed a surplus of $125.6 billion, beating expectations and rising from the May surplus of $105.4 billion. Exports in June were up 27.0% from the same month one year earlier, beating expectations and accelerating from their 19.4% rise in the year to May. The surge in export revenue mostly reflected higher prices for semiconductors and related computer equipment, showing that China is benefiting from the AI boom just as South Korea and Taiwan are.

Japan: New opinion polls show support for conservative Prime Minister Takaichi now stands at 65.9%, little changed from the similar reading of 71.9% in March. Support for Takaichi’s cabinet also remains unusually steady and robust, currently at 58.0%, versus 59.0% in March. The figures point to an unusually stable political environment in Japan, which is likely a positive environment for Japanese stocks.

• Separately, with the yen plumbing new lows, the Takaichi government has embarked on a push to encourage Japanese firms and individuals to invest more domestically.
• In the latest initiative, Finance Minister Katayama has proposed adding Japanese government bonds to a tax-free investment program for individuals and said the nation’s massive pension fund could adjust its asset allocation strategy to put more emphasis on domestic investments.
• However, it’s not clear whether those and other new initiatives would help buoy the yen and remove the headwind of currency depreciation for US investors with exposure to Japanese stocks and bonds.

France: Soaring temperatures yesterday forced state-owned electricity giant EDF to shut down three of France’s 57 nuclear reactors and reduce production at another seven, resulting in an 8.7% dip in power production. The shutdowns were driven by high temperatures in the river water used to cool the reactors. The problem wasn’t so much that the river water couldn’t sufficiently cool the reactors, but that returning the heated water to the rivers would kill aquatic life.

• The increasingly frequent problem could require billions of euros of new equipment and infrastructure to keep up production in France’s vaunted nuclear power sector.
• Without that investment, reduced electricity supply in the summer could threaten the government’s effort to attract AI and other energy-intensive industries to France.

US Politics: President Trump yesterday said on social media that he will deliver a televised address to the nation on Thursday evening at 9:00 PM ET. According to White House officials, the president will tackle a range of topics, from the war against Iran to election security. Given that Congress has refused to pass Trump’s high-priority “SAVE America Act,” with its strict voter identification rules, it appears that one reason for the speech will be to go over the heads of Congress and try to build support for the legislation directly with the voters.

US Monetary Policy: Federal Reserve Chair Warsh will deliver his first Semiannual Monetary Report to Congress this morning at 10:00 AM ET, giving investors a chance to potentially get more insight into his goals for interest rates, the Fed’s balance sheet, forward guidance, bank regulation, and other key issues. In our view, how he performs under the Congressional grilling could potentially prompt some market volatility today.

• Separately, Fed board member Waller warned yesterday that the central bank will need to consider raising interest rates soon if underlying inflation comes in “hot” this week.
• Specifically, Waller said an acceleration in inflation as measured by the “core” consumer price index would likely require consideration of rate hikes.

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by Patrick Fearon-Hernandez, CFA, and Thomas Wash

[Posted: 9:30 AM ET] | PDF

Our Comment today opens with an update on the on-again, off-again war in Iran (it now appears to be on again, driving up global energy prices today and weighing on stock values). We next review several other international and US developments that could affect the financial markets today, including a plunge in South Korean technology stocks that is weighing on the global tech sector and a few words on the implications of South Carolina Sen. Lindsay Graham’s death over the weekend.

United States-Israel-Iran: After former Supreme Leader Ali Khamenei’s weeklong funeral procession and Saturday’s burial ceremony, new Leader Mojtaba Khamenei warned that revenge for his father’s assassination “will most certainly be carried out.” According to other recent reports, Israel has also warned the US that it has intelligence that Iran is actively developing plans to assassinate President Trump. Separately, the US continued to launch renewed strikes against Iran over the weekend, and Iran responded with attacks against the US and its allies.

• Giving credence to the assassination threat, reports say that after last week’s NATO summit in Turkey, the president had to fly to the UK in the old Air Force One to ensure his safety. Consistent with longstanding security concerns about the new, luxurious Air Force One gifted to the president by Qatar, the new aircraft reportedly doesn’t have the same level of air-defense and other security equipment as the old one.
• The risk of the US president being assassinated by Iran is probably very small. All the same, if it happened, the event would likely cause a sharp downturn in global financial markets as investors braced for a sudden change in US policy and a high risk of a major US military strike to punish Tehran.
• In any case, the renewed fighting suggests that the celebrated June ceasefire has effectively collapsed, even though US and Iranian officials reportedly continue to talk. Importantly, Iran has threatened to shut down shipping through the Strait of Hormuz again, and its strikes against commercial vessels in the area over the weekend suggest it is serious. That means it remains too early to call the “all clear” for the global economy and markets.
• Indeed, the renewed fighting has pushed up global oil prices about 3.3% so far this morning, with near Brent futures trading at $78.55 per barrel. The jump in energy prices is also apparently contributing to a pullback in global technology shares.

China-Australia: New analysis by the Financial Times shows Australia has suddenly become a huge importer of large-scale batteries, mostly from China. According to the report, Australia accounted for almost 10% of new global battery capacity in March, with about 2,000 home batteries being installed every day this year. The report says the surge in battery installations is even starting to impact the nation’s peak electricity prices.

• Australia’s battery boom reflects multiple influences, including a subsidy implemented last year, extensive solar panel installations, unreliable coal-fired electricity generation, and connectivity issues between states.
• The surge of imports from China makes Australia even more dependent on economic ties with its huge neighbor to the north. It also reflects China’s huge excess industrial capacity and its ability, or even requirement, to unload its enormous output abroad.

South Korea: SK Hynix’s share price plummeted approximately 15% in Seoul today, helping drive the overall South Korea index down some 9%. The plunge came just one trading day after the company’s initial offering of American Depositary Receipts in the US on Friday. The ADRs traded up 13% on their first trading day, but premarket prices are down about 9% so far today.

• There is no apparent change in the firm’s fundamentals to account for today’s price drop. Rather, the pullback appears to reflect investors normalizing their positions now that the IPO is complete.
• For now, the artificial intelligence boom continues apace, buoying the value of just about anything related to AI data centers and other infrastructure, including processing and memory chips.

United States-Canada: In a sign of cooling bilateral trade tensions, President Trump over the weekend said he would allow the new Gordie Howe International Bridge linking Michigan and Ontario to open on July 27. Previous reports had suggested that Trump’s initial hold reflected a major political donation by the owner of the rival Ambassador Bridge at Detroit. However, according to the Canadian government, the president lifted his hold on the opening after the two sides agreed on changes in how toll revenue would be managed.

US Politics: Sen. Lindsay Graham of South Carolina died unexpectedly on Saturday, setting the stage for a quick Republican process to replace him on the November ballot. Republican Gov. McMaster can name a replacement for Graham, but he or she would only serve until January 3. Thus, the party is expected to hold a primary on August 11 and a potential run-off on August 25. It’s not yet clear who the frontrunner in the primary will be, but because South Carolina is so conservative, the winner would have the advantage over Democratic candidate Annie Andrews.

US Monetary Policy: Fed Chair Warsh will deliver his first Semiannual Monetary Report to Congress tomorrow morning at 10:00 am ET, giving investors a chance to potentially get more insight into his goals for interest rates, the Fed’s balance sheet, forward guidance, bank regulation, and other key issues. How he performs under the Congressional grilling could potentially prompt some market volatility today and tomorrow.

US Regulatory Policy: The Financial Times today carries a useful article showing that firms are increasingly concerned about populist policies in the US. The article highlights the president’s recent assertion that he has pressured Walmart to cut prices on thousands of goods, but other concerns include the government’s effort to push companies into investments, secure equity stakes, and extract payments in return for regulatory approval.

• While such efforts to intervene in the economy are especially notable for a Republican administration, given the party’s long embrace of private property and free markets, we reiterate our long-held view that both parties are increasingly influenced by populism. Republicans and Democrats both seem much more willing to intervene in the economy to advance working-class interests than they were in recent decades.
• Importantly, the threat of government intervention in corporate pricing, investment, and other decisions will likely weigh on stock values at some point. Indeed, government pressure to hold down highly visible consumer prices could be one reason why consumer staples stocks have been so out of favor recently.

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by Patrick Fearon-Hernandez, CFA, and Thomas Wash

[Posted: 9:30 AM ET] | PDF

Our Comment opens with our assessment of Chair Warsh’s newly announced task force and the group of experts selected to lead it. We then examine the White House’s push to have foreign chipmakers expand manufacturing capacity in the US. Next, we briefly cover the latest developments in the US, including relations with Iran and recent reports of AI companies providing services to blacklisted entities. As always, we include a review of recent domestic and international economic data.

The Task Force: Fed Chair Kevin Warsh has released a list of names of people who will be tasked with reshaping the Federal Reserve’s operational framework. The group will focus on five key reform areas identified by Warsh: inflation targeting, communication strategy, balance sheet management, data utilization, and the interplay between productivity and employment. The initiative aims to deliver research by year-end, potentially paving the way for significant institutional reforms. However, skeptics remain unconvinced that the task force will provide any meaningful insights.

• Warsh is driving the task force initiative to address two key concerns: the Fed’s recent credibility gaps and the disruptive impact of AI. He cites the “transitory” inflation misstep and the failure to hit the target as clear evidence of lost trust. He also worries that the existing framework is poorly equipped for an AI-altered world, and that conventional surveys may not detect shifts quickly enough to inform policy.
• The newly formed task force comprises a cross-section of experts from both the public and private sectors. Among the most prominent public-sector appointees are former Bank of England Governor Mervyn King, ex-Reserve Bank of India Governor Raghuram Rajan, former Fed Governor Jeremy Stein, and noted economic advisor Greg Mankiw. On the private side, the group includes venture capitalist Marc Andreessen and Chad Jones, a leading AI economist at Anthropic.
• While the task force boasts an impressive roster of names, questions linger over whether it can generate genuinely novel insights for the Federal Reserve. In 2025, the central bank completed a five-year review of its strategy, tools, and communications — an exercise that overlaps significantly with the very areas this task force seeks to address. Moreover, the five-month timeline allocated for this new research has raised doubts about whether a sufficiently comprehensive review is even feasible.
• That said, while there are still questions about the task force itself, markets appear to retain confidence in Chair Warsh. Bond market volatility has begun to ease, suggesting that investors view his proposed direction — at least in terms of the goals he has articulated — as broadly credible. As a result, we think this task force is likely to help restore some confidence in the Fed, even if it ultimately falls short of delivering a sweeping set of structural reforms.

Chip Onshoring: The US continues to press foreign companies to expand investment domestically as it seeks to boost its chipmaking capacity. Commerce Secretary Howard Lutnick has implicitly urged Samsung and SK Hynix to increase their US memory chip production in order to help ease emerging supply shortages. His comments underscore that the AI investment cycle has become so dominant that the administration is unwilling to rely solely on US firms, a stance that could intensify competitive pressure on domestic chipmakers.

• During a Micron-hosted event, Lutnick urged South Korean chipmakers to accelerate efforts to expand production in the United States. He acknowledged that greater participation from firms such as Samsung and SK Hynix could intensify competition for domestic players like Micron but argued that a broader manufacturing base would help create a more resilient supply chain for US companies dependent on advanced memory chips.
• His comments come as SK Hynix and Samsung have emerged as major beneficiaries of the AI infrastructure boom. In recent months, US imports of memory chips from South Korea have surged as demand has far outstripped domestic supply. The strength of this cycle has led SK Hynix and Samsung to commit to massive capacity expansion plans, running into the hundreds of billions of dollars, in an effort to keep pace with the current shortfall.
• Lutnick’s comments on South Korean firms expanding manufacturing in the US point to a broad, “big‑tent” approach to building out domestic chip capacity. While the White House remains keen to support homegrown players such as Micron and Intel, it also wants to reduce vulnerability to supply chains centered outside US borders by encouraging allied foreign producers to localize more production. Therefore, this could be a sign that the US may start to target chip firms that are not invested in the US.
• We see the US push to have foreign chipmakers invest domestically as a clear example of a more hands‑on governmental approach to the economy. Over time, this is likely to foster tighter coordination between the public sector and firms in strategic industries. While such policies may be supportive in the current boom, they could leave domestic companies relatively more disadvantaged in a downturn, as added capacity and competition weigh more heavily on local producers.

Ceasefire On? Iran and the US appear to be continuing talks even as tensions remain elevated. A US official has indicated that the two sides have begun technical discussions. While there were clashes earlier in the week, the pause in negotiations was reportedly tied to Iran’s funeral ceremonies for the ayatollah killed in the initial strikes. The fact that dialogue is ongoing is likely to help ease fears of a broader conflict between the two countries.

AI Crosshairs: OpenAI and Google were reported to have supplied AI services to blacklisted Chinese firms, activity that was legal under current rules but has raised national security concerns. Officials have signaled that such dealings could put future government contracts at risk, increasing pressure on providers to police access more aggressively. OpenAI has since moved to restrict access from mainland China, and Alphabet has disputed any wrongdoing, but the episode is likely to spur calls for stricter limits on AI exports and usage.

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by Patrick Fearon-Hernandez, CFA, and Thomas Wash

[Posted: 9:30 AM ET] | PDF

Our Comment begins with key takeaways from the latest escalation between the US and Iran. We then turn to the Federal Reserve, providing a breakdown of the most recent meeting minutes. Next, we briefly cover the US decision to expand support for Ukraine, China’s move to permit limited purchases of US chips, and forthcoming changes to key inflation measures. As always, we conclude with a review of recent domestic and international economic data.

Iran Escalation: Concerns of a possible breakdown in ceasefire negotiations continue to weigh on markets. On Wednesday, the US carried out a second consecutive day of strikes on Iran, aiming to degrade the country’s ability to control transit through the Strait of Hormuz. The escalation has provoked a response from Iran, which has signaled it has no clear red lines when it comes to defending its interests. These developments are reinforcing doubts about the durability of the ceasefire, adding to broader market uncertainty.

• The escalating back-and-forth increasingly points toward a renewed slide into open conflict. As of Thursday morning, the US reported that its latest round of strikes targeted 90 sites, up from 80 the previous day. In response, Iran launched strikes on military installations in Kuwait, Bahrain, and Qatar.
• The latest escalation in tensions follows President Trump’s declaration that he believed the ceasefire was over, though he later clarified that he would allow negotiations to continue, stating he did not want a resumption of war. In the wake of the attacks, maritime traffic through the strait appears limited. Ships authorized by Iran have been able to transit the waterway, while the US-supported shipping corridor along Oman has remained quiet.
• Despite rising friction in the Strait of Hormuz, the markets have remained relatively stable compared to the onset of the conflict. Oil prices continue to fluctuate between $70 and $80 per barrel, well below the $100 peak seen earlier. Equities closed only slightly lower on Wednesday, with the Nasdaq even managing to finish higher. Meanwhile, the bond market showed the greatest anxiety, driven by lingering concerns over elevated inflation.
• At this stage, we believe the market is interpreting the recent skirmish as a sign that both sides will remain engaged in dialogue. However, any escalation in hostilities could trigger a significantly stronger negative reaction. In light of this uncertainty, we continue to advocate for a well-balanced portfolio. Specifically, we recommend limiting duration risk to help mitigate volatility, while favoring dividend-paying equities, which can provide a stable income stream during turbulent periods.

Fed Speak: The Federal Reserve released the first set of minutes following Kevin Warsh’s assumption of leadership, offering additional insight into the June 16-17 policy meeting. The minutes highlighted a notable divergence of views among policymakers regarding the outlook for the economy, inflation, and the labor market, though the overall tone carried a hawkish tilt. While the decision to hold rates steady was unanimous, several members signaled openness to a rate increase at that meeting.

• The minutes indicated that Fed officials remain confident that inflation will return to the 2% target over the intermediate to longer term. Policymakers attributed the recent uptick in inflation to factors including the AI investment cycle, Middle East tensions, and tariff pass-through effects. While there was broad agreement that the worst of the geopolitical disruption may be behind them, concerns persist that inflationary pressures could reemerge over time due to the other lingering factors.
• AI-related demand has emerged as a growing area of concern. While some policymakers expressed confidence that productivity gains from AI could ultimately help ease inflationary pressures, there was recognition that, in the near term, the buildout is contributing to price pressures, particularly through increased demand for technology goods and rising electricity costs. Additionally, some officials noted that elevated AI-related capital spending could risk contributing to broader economic overheating.
• With respect to the labor market, the tone within the Fed appeared more constructive. Overall, the committee expressed confidence that labor market conditions remain solid, citing firmer hiring trends, an unemployment rate broadly in line with its long-run average, and relatively low jobless claims. However, some policymakers noted lingering concerns about a lack of dynamism in the job market, as well as the risk that geopolitical developments could trigger layoffs.
• While concerns about persistent inflation alongside a stable labor market point to a hawkish bias, the committee does not appear firmly committed to that stance. The minutes suggest policymakers are still seeking additional data before altering the policy path, with most indicating that holding rates steady, or potentially cutting, remains feasible moving forward. However, if the labor market continues to show resilience and inflation proves more persistent, many expressed openness to future policy tightening.

Ukraine Boost: The US has provided Ukraine with a fresh boost in its fight against Russia. On Wednesday, President Trump authorized Ukraine to coproduce Patriot missile systems, a move aimed at strengthening its air defense capabilities. The decision comes amid growing confidence in Ukraine’s recent battlefield momentum. While the US still appears to favor a negotiated end to the conflict, the move suggests diminishing faith in Russia’s willingness to return to meaningful talks.

China Loosens Restrictions: Beijing is expected to ease restrictions on firms seeking to purchase US-made chips. On Wednesday, Chinese officials informed leading AI companies that they may acquire a limited number of Nvidia’s H200 chips, subject to prior approval. The decision to relax these controls suggests a modest de-escalation in tensions between China and the United States, even as both sides continue to compete for leadership in AI.

Inflation Makeover: The Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, is set to undergo methodological updates that could result in more favorable inflation readings. While the changes are not expected to take effect until September, the BEA has announced revisions to components including legal services, software, and investment advice — categories that have drawn criticism for exerting an outsized influence on measured inflation. The change could reduce the urgency for rate hikes.

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by Patrick Fearon-Hernandez, CFA, and Thomas Wash

[Posted: 9:30 AM ET] | PDF

Our Comment opens with an examination of the latest US-Iran confrontation and the potential collapse of the ceasefire. We then examine rising concerns around AI investment, particularly the fears of excessive spending. Next, we cover Marine Le Pen’s decision to run for the French presidency, President Trump’s renewed pressure on NATO, and speculation that the Democratic nominee for a key Senate seat may withdraw from the race. As always, we conclude with a review of recent domestic and international economic data.

Ceasefire Done? The United States and Iran exchanged strikes on Tuesday amid escalating tensions over control of the Strait of Hormuz. The confrontation was reportedly triggered by Iranian attacks on several commercial vessels transiting the strait, including a ship with a Qatari flag. In response, the US not only launched retaliatory strikes but also revoked sanctions waivers that had previously allowed limited Iranian oil exports. The escalation underscores the increasingly fragile balance between diplomacy and direct conflict.

• These latest attacks have cast renewed doubt on the prospects for negotiations between the two sides. President Trump has declared the ceasefire effectively over, while an Iranian official characterized the interim agreement as ineffective. It remains unclear whether talks will resume; however, disputes over control of the Strait of Hormuz continue to represent a central sticking point in any potential negotiations.
• Prior to the escalation, Tehran informed the UN’s maritime body that it asserts jurisdiction over unspecified “parts” of the strait, which it argues would entitle it to levy charges on passing vessels. While Iran has not clarified the exact scope of its claim, it has emphasized that it is not a signatory to the United Nations Convention on the Law of the Sea (UNCLOS), the framework that governs navigational rights and explicitly prohibits the imposition of transit fees in international straits.
• Iran’s push to expand control over maritime traffic comes just as oil flows through the region have begun to recover following the peace pact it signed with the United States last month. Although transit volumes remain well below pre‑conflict levels, there are signs that vessels are moving through the strait more freely and analysts are expecting output to gradually return to normal by 2027.
• Iran’s recent actions underscore its determination to assert control over surrounding waters. Its repeated use of force not only projects power across the Gulf but also signals that it views the strait as within its sphere of influence. However, the United States appears unwilling to tolerate such a shift, increasing the risk of renewed confrontation between the two sides. Should tensions escalate further, financial markets are likely to see heightened volatility, with risk assets facing the greatest pressure.

AI Angst: AI companies are aggressively raising capital to expand compute capacity in response to surging demand. On Tuesday, Amazon announced plans to raise at least $25 billion through a bond sale to support its AI infrastructure buildout. Meanwhile, South Korean chipmaker SK Hynix saw its US equity offering become oversubscribed. Despite robust earnings reports, the mounting need for funding continues to fuel market anxiety, as investors grow increasingly concerned that costs may be spiraling out of control.

• Rising concerns over the scale of AI-related spending have prompted a rotation out of the traditional mega-cap leaders that have supported broader equity markets and into companies more directly leveraged to that investment cycle. Most notably, capital has shifted away from the “Magnificent 7” and toward firms providing memory chips and data storage, which stand to benefit more immediately from the buildout of AI infrastructure.
• Even so, there are emerging signs that even the primary beneficiaries of AI infrastructure spending are beginning to face pressures. On Tuesday, Samsung’s strong earnings failed to impress investors. Despite reporting a roughly 19-fold increase in year-over-year profits, the results exceeded expectations by only 6%, prompting some investors to take profits amid already-elevated forecasts.
• That said, there are signs that valuations are becoming more attractive. Most notably, Nvidia is now trading at its lowest multiple since 2019. While part of the compression reflects investor rotation out of the stock, it also underscores the company’s consistent ability to deliver strong earnings, with analysts continuing to revise estimates higher. As a result, the Magnificent 7 may now offer more compelling valuations than in recent periods, despite the turbulence they have recently faced.
• While there is a strong case for maintaining meaningful exposure to AI within portfolios, we believe opportunities are emerging elsewhere in the market. Sectors such as industrials and energy appear particularly attractive, as they benefit from AI-driven investment without being solely dependent on it for growth. In addition, dividend-paying equities may offer a compelling option for investors seeking more stable income streams.

Le Pen 2027? Marine Le Pen, the far‑right leader of the populist National Rally party, has announced that she intends to run for the French presidency in 2027. Her declaration comes shortly after a court ordered her to wear an electronic ankle bracelet following her conviction for misusing public funds, while still permitting her to run for elected office. Her party is currently leading national polls and is widely seen as a frontrunner to form a government once parliamentary elections are called.

NATO Tension: President Trump’s renewed push to acquire Greenland is increasingly straining relations with NATO allies. His insistence on revisiting the issue appears to stem from frustration over limited European support on Iran. Although NATO members have repeatedly asserted that Greenland is not for sale, the episode has left many allies deeply uneasy. The friction comes as Trump is mulling over skipping this year’s summit, which has prompted several member states to question whether the event should even be hosted next year to avoid further confrontations.

Platner Dropping Out? Democratic candidate Graham Platner is expected to end his campaign as allegations of sexual misconduct continue to undermine his candidacy. Attention has now shifted to who will replace him on the ballot ahead of the July 27 deadline, with Troy Jackson emerging as a potential contender, alongside speculation that Janet Mills could enter the race. Platner’s withdrawal complicates the Democratic field and may improve the likelihood of Republicans maintaining control of the seat.

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