In today’s newsletter: Iran’s regime shows it can still impact the global economy. Trump will launch investigations into more than a dozen trade partners. And hundreds of Oklahomans are accusing State Farm of a secret scheme to cheat homeowners.
Here’s what to know today.
Iran's regime shows it can still rattle the global economy amid U.S. bombardment
As the war President Donald Trump described as a “little excursion” stretches into a thirteenth day, Iran has shown it can still trigger a global economic crisis. Tehran’s regime remains in power and has effectively shut down a crucial chokepoint for the world’s oil supplies — even amid a barrage of U.S. and Israeli airstrikes.
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The Iranian government’s resilience is posing a challenge as the Trump administration grapples with the mounting price of war — the first six days cost an estimated $11.3 billion — and struggles to articulate an endgame to the conflict. And the White House has until the end of the month before rising gas prices become an “unsustainable” political five-alarm fire, an administration official said.
If the current pace of airstrikes continues for two to three more weeks, Iran’s conventional military power could be set back several years, former U.S. officials and analysts say. But growing fallout from the country’s retaliation around the Persian Gulf raises questions about the White House’s war planning and its potential underestimation of the regime’s resilience.
Read how Iran’s durability affects the war.
Follow NBC News’ live blog for more updates.
More on the Iran war:
- Outdated intelligence likely led to the deadly U.S. strike on an Iranian elementary school.
- Trump tried to navigate messaging on the war as well as rising gas prices in his first remarks at a public rally since the strikes began.
- Why it’s so hard to get oil through the Strait of Hormuz right now.
- Dozens of countries agreed to release 400 million barrels of oil. But it didn’t bring down prices.
- Podcaster Joe Rogan says many Trump supporters feel “betrayed” by the Iran war.
Trump's probes into key trade partners likely to result in fresh tariffs
The Trump administration announced a wave of tariff-related investigations into more than a dozen U.S. trade partners — including top exporters like the E.U., Mexico and China — as part of the president’s sweeping global trade wars. The process is likely to result in a fresh round of tariffs in the near future, coming after the Supreme Court struck down many of Trump’s country-specific taxes last month.
Partners named in the new action are expected to fiercely protest these probes, especially after many reached framework deals with the U.S. over the last year. It is still unclear how White House’s announcement would impact those agreements — and aggrieve existing tensions between the U.S. and its trade partners.
The current blanket 10% tariff on all trading partners will remain in place for no longer than 150 days — and U.S. Trade Representative Jamieson Greer said the investigations should be wrapped up by the time that period expires.
More about the next phase of Trump’s tariffs.
More politics news:
- NBC News Poll: A historic number of voters say economic and political systems are stacked against them.
- Sen. John Cornyn flips on changing filibuster rules to pass the SAVE America Act as he vies for Trump’s endorsement in the runoffs.
- Facing eviction and mounting bills, a desperate TSA worker says his family is paying the price for him working without pay during the DHS shutdown.
Oklahoma lawsuit alleges secret scheme from State Farm to cheat homeowners
After a hailstorm battered Billy Hursh’s roof in October 2023, two different contractors told him he needed a full replacement, but his insurance company, State Farm, told him the roof was in “fair” condition. That initial dispute eventually led to what would become a yearslong legal battle that has now reached the highest court in the state.
Hursh’s lawsuit alleges a “pervasive, state-wide fraudulent Scheme,” claiming State Farm developed a way to secretly narrow the definition of hail damage to reduce the amount of full roof replacements the company covers. The alleged hidden policy essentially creates a reality where homeowners’ insurance claims are denied before they’re even filed.
Law firms told NBC News that more than 600 homeowners in Oklahoma have similar lawsuits pending against the company, which is the top property insurer in the state. State Farm denied any wrongdoing in legal filings.
Read more about the lawsuit here. This story is part of NBC News’ Cost of Denial series into the insurance industry.
Read All About It
- A severe weather threat lingers for parts of the country after deadly tornadoes tore across the Midwest.
- About 1 in 3 U.S. adults say they’ve made trade-offs to afford health care in the past year, including skipping or rationing medications.
- Inside late Indianapolis Colts owner Jim Irsay’s rock time capsule featuring Beatles and Jack Kerouac memorabilia, among many others. The collection is expected to bring in about $30 million at auction.
- Diabetics who rely on glucose monitors were alarmed by a recall after a manufacturing problem was tied to at least seven deaths and hundreds of injuries.
Staff Pick: A free Iran is their shared dream. But the diaspora remains torn on the best path forward.
Growing up on the west side of Los Angeles meant being steeped in Persian culture from a very early age. Many of my friends were first generation Americans, their families having left Tehran in 1979 during the Islamic Revolution.
I grew up hearing their stories of war, persecution and the fight for a new life. When I set out to report this story, I thought of those immigrant families who spent decades dreaming of a different Iran. Writing this story reminded me of the myriad perspectives and the delicate nuances intrinsic to political upheaval.
A young woman aptly described what many Iranians outside of the country are feeling: “I am pro Iranian people.”
— Alicia Lozano, reporter
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