Trump administration moves to calm bond market haven’t worked so far, US ramps up Cuba sanctions, Champagne troubles

This is our flagship newsletter Morning Wire. You can subscribe here and we’ll email it to you daily.

In the news today: Why Treasury Secretary Scott Bessent’s moves to calm the bond market haven’t worked so far; the Trump administration ramps up Cuba sanctions; and Trump warns of “economic D-Day” against Iran. Also, the challenges Champagne growers face.

Why Trump administration moves to calm the bond market haven’t worked so far

Interest rates rebounded Thursday despite efforts by Treasury Secretary Scott Bessent to put a lid on longer-term borrowing costs, a sign Wall Street investors remain worried about burgeoning government debt, heavy borrowing by tech firms and the Federal Reserve’s commitment to fighting inflation. Read more.

Why this matters:

• While Bessent is talking about billions of dollars in bond buybacks, the Treasury market is so large that even purchases at that scale may not have much impact. History shows that government interventions in the bond market have limited effects.

Related coverage →

Iranian families struggle to afford the basics as US ratchets up economic warfare

Canadian provincial leader says Trump is a ‘bad person’ as Canada weighs concessions for trade deal

Trump appears on former fixer-turned-enemy Michael Cohen’s radio show after detente

Investigators examining foes of Trump seek interviews related to Mar-a-Lago search, AP sources say

Trump keeps embracing data centers even as they become toxic in midterm races

Federal agents seize devices from ex-Rep. Eric Swalwell in sexual misconduct probe, AP source says

California lawmaker Aisha Wahab wins special election to succeed Swalwell in Congress

Federal court is asked to block Kennedy Center from returning Trump’s name to building

US ramps up Cuba sanctions and detentions of Americans returning from the island

The Trump administration is imposing more economic penalties on industries in the heavily sanctioned socialist country and broadening enforcement of laws that bar Americans who visit the island from dealings with government-owned or affiliated businesses. Read more.

Why this matters:

• The administration has steadily ratcheted up pressure on Havana, threatening it with potential military intervention even when mired in a conflict against Iran, while also boosting economic sanctions designed to cut off funding for the Cuban government. An oil blockade that the U.S. imposed on Cuba after the American military raid that ousted Venezuelan leader Nicolás Maduro, whose country provided Cuba with subsidized oil, has plunged the already economically crippled island into full-blown crisis.

Related coverage →

More than 2,300 Mexicans sent to Guatemala and Honduras as Trump ramps up third-country deportations

US has sent deportees to many African countries, the latest one being Liberia. Here’s why

Trump warns of ‘economic D-Day’ against Iran, but Tehran is well acquainted with sanctions

Nearing the six-month mark of the Iran war and facing diminishing stockpiles of key weapons, the Trump administration is touting a crushing financial campaign against a country that has so far withstood nearly five decades of punishing American sanctions. Read more.

Why this matters:

• With sparse details, President Donald Trump announced this week that the U.S. would be imposing an “unprecedented” level of economic warfare and isolation on Iran, aiming to force its leadership to cave to demands to end its nuclear program and fully reopen the crucial Strait of Hormuz to oil and natural gas tankers. The president is refocusing America’s might on bringing Iran to its knees through an accelerated sanctions campaign against one of the most economically penalized countries in the world.
• Iranian officials and analysts have accused the Republican president of flip-flopping with his latest pivot to economic pressure against Iran. Trump has long derided past leaders who used sanctions to limit Iran’s ability to pay for its military and nuclear development. In a post last week on X, Esmail Baghaei, spokesman for Iran’s Foreign Ministry, wrote that Washington’s pattern of retreating to sanctions when it doesn’t want to pursue diplomacy has proven to be futile.

Related coverage →

US aircraft carrier arrives in Middle East, relieving long-deployed USS Lincoln

A quiet channel between ICE and Iran shaped deportation flights, newly released emails show

IN OTHER NEWS

‘Survival mode’:Indiana residents endure another day without power

Pennsylvania:Investigators probe dramatic midair crash

FACT FOCUS:Social media falsely claims heat wave threatens Parmigiano Reggiano cheese and bank

Harry and Meghan:Question looms over return to UK. Can Harry rebuild relationship with Prince William?

Brawl-filled practice:Cowboys and Saints fined $500,000 apiece by NFL

Now Streaming:‘Outer Banks’ and Anthony Hopkins’ classical album

Today in History:In 1911, ‘Mona Lisa’ stolen from Louvre

WATCH

Hurricane Lala:Cellphone video shows Hawaii home’s roof ripping off

Freedom 250 Grand Prix:Crews put finishing touches on DC’s first IndyCar racetrack

Meow:Cats and only cats are the stars of a new film in theaters

Champagne growers race to preserve quality in record-early harvest

Champagne producers are facing the region’s earliest harvest on record, after extreme heat and drought accelerated ripening. That leaves growers a narrow window to gather grapes for the world-famous sparkling wine. A mid-August harvest is roughly a month earlier than what was once common in the region. Check out what the AP’s team found when visiting on a busy harvest day, including images that take you into and above the famed vines.

This is our flagship newsletter Morning Wire. You can subscribe here and we’ll email it to you daily.