Trump Rejects Iranian Nuclear Proposal
President Trump dismissed Iran's counterproposal demanding reparations, sovereignty over the Strait of Hormuz and an end to sanctions, declaring the ceasefire on life support. Oil prices jumped as high as $105.50 a barrel while U.S. Treasury yields climbed, with the 10-year note nearing 4.50 percent.
Al JazeeraU.S. 50. " Iran's chief negotiator responded that Washington must accept Tehran's latest peace plan or face failure.
Trump has declared the ceasefire on life support. He is now more seriously considering a resumption of major combat operations against Iran than he was in recent weeks, according to CNN. The Pentagon is considering renaming the conflict from Operation Epic Fury to Operation Sledgehammer if major combat resumes, a step that would restart the 60-day congressional authorization clock under the War Powers Resolution.
U.S. sanctions. Trump skirted a question from a reporter about whether he has a red line that would end the ceasefire with Iran.
He told reporters he is not weighing the economic burden of the war on everyday Americans when negotiating a deal. "The only thing that matters when I'm talking about Iran — they can't have a nuclear weapon. I don't think about Americans' financial situation.
That's all," Trump said. " Trump told CBS News he wants to temporarily lift the federal gas tax amid rising prices caused by the conflict.
He also said the stock market will go "through the roof" and inflation will go down "as soon as" the war with Iran is over. U.S. 50 percent, the same level that prompted Trump's 90-day tariff pause in April 2025.
An appeals court halted an order declaring the new Trump tariffs unlawful for now; the 10 percent global tariffs were imposed in February. Trump is set to leave Tuesday for Beijing to meet President Xi Jinping.
U.S. Conflict with Iran. China's foreign minister Wang Yi urged Pakistan to ramp up mediation efforts in the Iran crisis ahead of the summit. U.S. Navy vessels. Trump is scheduled to see doctors for a medical and dental checkup at the end of May, the White House said. He told South Carolina GOP lawmakers he is watching closely as they begin redistricting debate.
The Trump administration proposed a new type of limited insurance coverage that would widen employers' ability to offer standalone fertility benefits to workers.
Key Facts
Story Timeline
5 events- 2026-05-11
Trump rejects Iranian counteroffer; Brent crude spikes to $105.50 before settling at $103.50
3 sourcesThe Guardian · AP News · CBS News - 2026-05-12
Trump departs for Beijing summit with Xi Jinping while stating he needs no Chinese help against Iran
4 sourcesAP News · The Washington Times · France 24 · South China Morning Post - 2026-05-12
10-year Treasury yield approaches 4.50 percent; 30-year exceeds 5.00 percent
1 sourceKobeissiLetter - 2026-05-12
Federal appeals court halts ruling against 10 percent global tariffs imposed in February
2 sourcesInvestingcom · New York Post - Late May 2026
President Trump scheduled for medical and dental checkup
1 sourceABC News
Potential Impact
- 01
Brent crude settled at $103.50 a barrel after 4 percent intraday surge
- 02
U.S.-China summit in Beijing occurs against backdrop of active Iran hostilities
- 03
Expanded employer ability to offer standalone fertility benefits via new limited insurance rule
- 04
Temporary federal gas tax suspension under consideration to ease consumer fuel costs
Transparency Panel
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