Key facts
- US will maintain tariff caps in agreements with EU, Japan, and others.
- A country-specific waiver for Russian oil is a possibility.
- US-Iran talks on frozen funds have stalled.
- Israel and Lebanon agreed to a US-brokered ceasefire.
- Crude oil prices are slipping amid diplomatic efforts.
The United States has announced it will uphold tariff caps in upcoming agreements with the European Union, Japan, and other nations. Concurrently, a country-specific waiver for Russian oil is being considered. These developments occur amidst stalled negotiations between the US and Iran regarding frozen funds, with President Trump stating he will not release the funds before a deal is signed. Tensions have included exchanges of fire in the Strait of Hormuz and attacks on Kuwait International Airport. In parallel, Israel and Lebanon have agreed to a US-brokered ceasefire, contingent on Hezbollah's withdrawal from the Litani River, though fighting persists in southern Lebanon. Crude oil prices have seen a decline due to ongoing diplomatic efforts.