Today in One Sentence. The U.S. and Iran signed a preliminary framework to end Trump’s monthslong war and reopen the Strait of Hormuz; Trump plans to nominate one of his personal lawyers to run the U.S. attorney’s office in Manhattan; federal agents have reportedly questioned Gavin Newsom’s family friends, former employees, and people tied to his wife’s nonprofits as part of several federal investigations; Trump said the July 4th celebration on the National Mall for America’s 250th anniversary will double as “the most spectacular TRUMP RALLY of them all”; Trump hosted a $60 million UFC cage fight on the White House South Lawn for his 80th birthday and America’s 250th anniversary; 78% of Americans say the “American Dream” is harder to attain now than it was a generation ago; 49% of voters say they prefer to see Democrats control Congress; and 69% of Americans disapprove of the job Trump is doing to address the cost of living.

1/ The U.S. and Iran signed a preliminary framework to end Trump’s monthslong war and reopen the Strait of Hormuz. The full text of deal, however, remain secret and the issues regarding Iran’s nuclear program, stockpile of highly enriched uranium, sanctions relief, frozen assets, and whether the ceasefire applies to Lebanon were deferred for 60 days of negotiations. Nevertheless, Trump declared “Ships of the World, start your engines. Let the oil flow!” saying the strait would be “completely open” by Friday and “permanently toll-free.” Iran said it was “not seeking to levy transit tolls,” but would charge fees for unspecified services. JD Vance, meanwhile, called memorandum “a very general document” of “about a page and a half,” but said there are “a lot” of details left to figure out. Iran said nuclear issues and sanctions relief remain subject to negotiation and that talks would proceed “on the basis of mistrust.” Israel, meanwhile, distanced itself from the deal, with Prime Minister Benjamin Netanyahu calling it Trump’s “decision,” saying Israel and the U.S. don’t always “see eye to eye” while warning that Israel’s “struggle has not ended” as it continued striking Hezbollah targets despite Iran and Pakistan saying the agreement covers Lebanon. (New York Times / Washington Post / NPR / Politico / Associated Press / Reuters / Wall Street Journal / Bloomberg / CNBC / CNN / NBC News / ABC News)

  • The U.S. emergency oil reserve fell to its lowest level since 1983. The Strategic Petroleum Reserve now holds about 340 million barrels after the Trump administration released another 8.9 million barrels last week to help with fuel prices – a little less than half full. It’s down 75 million barrels, or 18%, since the war began in late February. (CNN / Bloomberg)

  • Oil and gas supplies could take months to recover despite the U.S.-Iran deal to end the war and reopen the Strait of Hormuz. Energy experts said companies first need insurance, crews, and confidence that ships can safely enter, load, and leave the strait, while some producers might not restart wells until they believe the ceasefire will last. (Associated Press / New York Times)

  • 💡 Trump sought to break Iran’s regime. He settled for reopening Hormuz. “A return to a version of the status quo was a far cry from the original aims of a war effort that kicked off with a vow to come to the aid of the Iranian protesters who had taken to their nation’s streets to denounce their regime.” (Washington Post)

  • 💡 Trump winds down the war he started with goals unmet. “Despite Mr. Trump’s grandiose claims, the agreement has not yet achieved the core goals he laid out three months ago for launching U.S.-Israeli war against Iran.” (New York Times)

  • 💡 Trump celebrates while America capitulates. “It is clear that Trump has failed to achieve every one of the goals he put forward for this war of choice, and now he is determined to sign, seal, and deliver America’s capitulation as quickly as possible.” (The Atlantic)

2/ Trump plans to nominate one of his personal lawyers to run the U.S. attorney’s office in Manhattan. James M. McDonald, a Sullivan & Cromwell partner and former Southern District prosecutor, is still part of the legal team appealing Trump’s 34-count felony conviction in New York for falsifying business records tied to hush-money payments during the 2016 campaign. Senate Republicans, meanwhile, are trying to fast-track Jay Clayton’s confirmation as director of national intelligence. the current Manhattan U.S. attorney. Trump’s temporary pick for DNI, Bill Pulte, has drawn bipartisan concern and criticism for his lack of intelligence experience. Democrats have refused to support renewing the expired Section 702 surveillance authority while Pulte is acting DNI. (Associated Press / Politico / NBC News / New York Times / Politico)

3/ Federal agents have reportedly questioned Gavin Newsom’s family friends, former employees, and people tied to his wife’s nonprofits as part of several federal investigations, though the scope, targets, and legal basis remain unclear. Newsom, widely considered a potential 2028 presidential candidate, claimed Trump’s Justice Department is “digging through years and years of random documents” because he’s considering running for president, saying: “To get me, he’s coming after my wife,” Jennifer Siebel Newsom. Tax records show Siebel Newsom’s nonprofit paid her production company $161,250 in 2024, and another nonprofit she co-founded has received support from donors with business before California’s government. However, no public evidence of wrongdoing by Siebel Newsom or the nonprofits has surfaced. (Reuters / Axios / New York Times)

4/ Trump said the July 4th celebration on the National Mall for America’s 250th anniversary will double as “the most spectacular TRUMP RALLY of them all.” The event, which Freedom 250 had promoted as the country’s “premier Independence Day celebration,” will include military bands, flyovers, airshows, Trump’s own playlist, and what he called the “LARGEST FIREWORKS SHOW IN HISTORY.” (Axios / Politico / Reuters / Washington Post / CNN)

5/ Trump hosted a $60 million UFC cage fight on the White House South Lawn for his 80th birthday and America’s 250th anniversary. Fighters walked through the Oval Office and military jets flew overhead with more than 4,000 VIPs, officials, and service members watching under a 92-foot steel “Claw.” UFC said it paid the production costs, while the federal government provided security, law enforcement, medical, and emergency services at an unclear taxpayer cost. Trump sat cageside between Melania Trump and Dana White, with several fighters thanking Trump. (NBC News / CNN / Bloomberg / Wall Street Journal / Associated Press / New York Times / NPR)

  • 👑 Portrait of a President at 80

  • As Trump turns 80, he faces a foe he can never defeat: Father Time. That’s a problem for us all. “Alarm over the judgment and behaviour of the world’s most powerful man, and the consequent risks to the world, can only get worse.” (The Guardian)

  • A president “really uncomfortable” with aging. “Even for a president known for imposing his own reality on every situation, Trump has not outrun scrutiny over his age.” (New York Times)

  • Trump is trying to project strength as he turns 80, but mounting political problems are tarnishing his image as an all-powerful leader. “Trump’s political capital is declining, with struggles to end an unpopular war with Iran, resistance from fellow Republicans to his ideas, and waning support outside his devoted base.” (Bloomberg)

poll/ 78% of Americans say the “American Dream” is harder to attain now than it was a generation ago. (NBC News)

poll/ 49% of voters say they prefer to see Democrats control Congress, compared to 44% who prefer Republican control. 7% are unsure. (NBC News)

poll/ 69% of Americans disapprove of the job Trump is doing to address the cost of living, while 24% approve. (Reuters)

The 2026 midterms are in 141 days; the 2028 presidential election is in 876 days.

✏️ Notables.

  1. Trump’s Justice Department approved Paramount Skydance’s $111 billion takeover of Warner Bros. Discovery. The deal would combine Paramount with CNN, HBO, Warner Bros., and HBO Max, while merging HBO Max with Paramount+ into a streaming service with roughly 200 million subscribers. The Antitrust Division said its eight-month review found the transaction “is not likely to result in harm to competition or American consumers.” (CNN / Politico)

  2. The Trump administration told a federal appeals court that it’s too late to stop Trump’s 90,000-square-foot White House ballroom as construction has continued for more than two months while judges considered whether the project can legally proceed. (Wall Street Journal)

  3. The Trump White House debated suspending habeas corpus for undocumented immigrants to speed up mass deportations after the Supreme Court said migrants facing removal under the Alien Enemies Act could challenge their deportations in court. Will Scharf, the White House staff secretary, warned Susie Wiles in a confidential memo that the Constitution permits suspending the right only in cases of “rebellion or invasion,” and that courts have “almost uniformly” held only Congress can do it. Scharf also wrote a separate confidential memo warning against invoking the Insurrection Act to deploy the military against immigration protests, arguing it would invite immediate legal challenges. (New York Times)

  4. ICE obtained local voter files from local election officials in Texas and North Carolina as part of the Trump administration’s push to investigate alleged noncitizen voting into state and county voter systems. Voter records can include a person’s address, date of birth, driver’s license number, registration history, and voting history. Trump has repeatedly claimed that millions of people, including noncitizens, are voting illegally, but documented cases are rare. (Axios)

  5. Trump said U.S. Southern Command killed Tren de Aragua leader Niño Guerrero in a “swift and lethal kinetic strike”, calling it “retribution.” Guerrero was indicted in New York in December on terrorism and violence charges, and the State Department had offered a $5 million reward for information leading to his arrest or conviction. (ABC News)

  6. Top White House officials believe journalists obtained audio recordings of Situation Room meetings for their forthcoming book. “We’re afraid some of our most sensitive conversations were being recorded,” an administration source said. The White House hasn’t disputed the verbatim dialogue from several Situation Room meetings included in New York Times excerpts about the Iran war and Epstein files, including Marco Rubio dismissing Benjamin Netanyahu’s Iran regime-change scenarios as “bullshit.” (Axios)

  7. The Kennedy Center removed Trump’s name from its facade and official materials after a federal judge ruled its rebranding was unlawful. A D.C. Circuit denied the administration’s last-minute request to keep the name up during an appeal. (New York Times / ABC News)

  8. A federal judge ordered the Trump administration to restore signs, films, and exhibits removed or altered at national parks under Trump’s directive against materials that “inappropriately disparage Americans” or cast the country “in a negative light.” U.S. District Judge Angel Kelley blocked the National Park Service from making further changes and ordered the restored materials back within three weeks, by July 3, saying the administration sought “to rewrite the Nation’s history with a white-out pen.” (Associated Press / New York Times / CNN)

  9. The U.S. is on track to lose its measles-elimination status for the first time since 2000 as a Utah outbreak has spread continuously since at least August. Utah needs to go 42 days without a new case to declare the outbreak over. It reported another case last week. (Wall Street Journal)