Balance of Power

The US and Iran agreed to a two-week ceasefire that’s expected to halt the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz.

President Donald Trump announced the agreement Tuesday on social media hours after Pakistan, a mediator in talks, implored the US leader to back off his deadline to unleash massive devastation on Iran if it did not meet his demands. The deal buys time for the two sides to reach a longer agreement to end the six-week-old war, which has killed thousands of people and sparked a global energy crisis.

Trump said he had agreed “to suspend the bombing and attack of Iran for a period of two weeks” as long as Iran agrees to “the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.”

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President Donald Trump threatened Iran with civilizational destruction as the US attacked military targets on the country’s key oil export hub, ramping up pressure on Tehran to reopen the Strait of Hormuz by his Tuesday deadline or face massive strikes on critical infrastructure.

Iran halted participation in ceasefire talks in response to Trump’s social media post, according to a person familiar with the matter who asked not to be identified discussing private deliberations. Those discussions have been conducted through third-party channels. Mediators were scrambling to resuscitate negotiations ahead of the deadline, the person said.

A senior White House official downplayed Iran’s maneuver and said that legitimate negotiations continue to take place.

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A review of President Donald Trump's fiscal year 2027 budget request -- and the implications for the defense sector given the White House's $1.5 trillion ask for national security -- led Bloomberg Intelligence's April 6 version of the Washington Policy Pulse. While White House budget requests are never fully implemented by Congress, Trump's goal of $350 billion in additional funding for the Iranian conflict could come during another round of reconciliation. We also dove into the latest on efforts to re-open the Department of Homeland Security and previewed the funding fights for the rest of 2026.

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US allies are reportedly pressing for a last-minute deal with Iran, as President Donald Trump extended his deadline to Tuesday for Tehran to reopen the Strait of Hormuz, keeping markets on edge over whether a breakthrough can be reached.

Axios reported that Pakistan, Egypt and Turkey are pushing to secure a potential ceasefire — lasting about 45 days — to head off threatened US strikes on Iran’s energy infrastructure and retaliation by the Islamic Republic against countries in the region.

Fighting continued, with Israel, Kuwait and the United Arab Emirates reporting Iranian attacks overnight into Monday. Israel struck Iran’s biggest petrochemical facility, which is responsible for 50% of the petrochemical production in the country, Defense Minister Israel Katz said.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe speaks with:
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Bloomberg Intelligence Senior US Policy Analyst Nathan Dean.
Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
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Attorney General Pam Bondi is leaving her post as head of the US Justice Department, ending a tumultuous tenure as the nation’s top law enforcement official after stumbles in her efforts to carry out President Donald Trump’s agenda.

“We love Pam, and she will be transitioning to a much needed and important new job in the private sector, to be announced at a date in the near future, and our Deputy Attorney General, and a very talented and respected Legal Mind, Todd Blanche, will step in to serve as Acting Attorney General,” Trump said in a post on Truth Social.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe speaks with:
Bloomberg Washington Correspondent Tyler Kendall.
Stonecourt Capital Partner Rick Davis and Third Way Executive Vice President Matt Bennett.
Bloomberg White House and Washington Correspondent Jeff Mason.
Constitutional Lawyer Robert McWhirter.
Groundwork Collaborative Managing Director Liz Pancotti.
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