Trump scraps threat of 20% fee on Hormuz cargo

Tensions in the Strait of Hormuz remain high as the United States and Iran exchange fire, with President Trump pivoting from imposing tolls to pursuing massive trade deals with Gulf nations. Meanwhile, U.S. financial institutions like JPMorgan Chase and Goldman Sachs report record-breaking quarterly profits driven by market volatility and deal-making. Domestic U.S. concerns persist, ranging from a deadly heatwave and hazardous air quality caused by Canadian wildfires to intense scrutiny of ICE following fatal vehicle stops. In sports, Spain’s clinical 2-0 victory over France secures their place in the World Cup final. Global developments also include China’s ongoing anti-corruption campaign targeting senior official Ma Xingrui and a record $43 million auction for a T-Rex skeleton. Finally, the Egyptian government’s attempt to assert control over the historic St. Catherine’s Monastery faces international criticism regarding the preservation of religious autonomy and heritage sites.