The briefing for Friday, July 17.

The US launched a new wave of strikes against Iran on Thursday, targeting sites near the Strait of Hormuz including the Gulf island of Qeshm, Bandar Abbas, and Bushehr, home to a nuclear power plant. US Central Command said the attacks aimed to 'further degrade Iranian military capabilities' as the two sides continue battling over control of the critical waterway. Iran's state media reported the strikes, while Tehran claimed it had struck US military bases in Jordan, Kuwait, and Bahrain.

The escalation represents a significant strain on the preliminary ceasefire deal brokered between the two nations. In a notable development, the US military struck its first tanker—the Belma—with missiles as it enforces a naval blockade of Iranian ports. The vessel had been sanctioned for links with Iran and was traveling in the Gulf when targeted. Another Iranian-linked tanker, the Fuyao, reversed course back to Iranian waters, though it's unclear if this was in response to US enforcement.

Despite the intensifying military action, both sides continue to signal openness to diplomacy. White House press secretary Karoline Leavitt said President Trump remains open to talks with Iran, while Vice President JD Vance told Joe Rogan the administration won't 'bomb and bomb and bomb' and is willing to negotiate. Pakistan's Foreign Ministry rejected suggestions it had abandoned mediation efforts, stating the parties 'will have to come to the negotiating table.' Regional officials note that neither side has officially notified Pakistan of withdrawing from the initial ceasefire agreement, keeping diplomatic hopes alive even as fighting intensifies.

Taiwan Semiconductor Manufacturing Company announced Thursday it will invest an additional $100 billion to expand its US chipmaking capacity, bringing its total American investment commitment to $265 billion. The world's largest contract chip manufacturer said the new funds will support building four more fabrication plants in Arizona beyond the six already planned, focusing on advanced chips of 2-nanometer and below. TSMC also raised its annual capital expenditure budget for 2026 to $60-64 billion, up from an earlier estimate of $52-56 billion.

The massive expansion comes as TSMC reported record profits driven by surging demand for artificial intelligence applications. CEO C.C. Wei said the investments are needed to 'support the strong multiyear demand from our leading U.S. customers,' which include Nvidia and Apple. The company raised its annual revenue forecast as AI-related computing needs from data centers continue to jump, positioning TSMC as a key barometer for both the global chip industry and AI sector growth.

Commerce Secretary Howard Lutnick welcomed the announcement, saying 'President Trump's leadership is driving companies to invest in American manufacturing.' The expansion aligns with the administration's priority to boost domestic semiconductor production, which became critical after supply chain vulnerabilities were exposed during the Covid-19 pandemic. The new Arizona plants are expected to create tens of thousands of high-tech jobs, though TSMC did not provide a timeline for construction beyond saying it would depend on market conditions.

The US government designated two additional Mexican criminal groups as foreign terrorist organizations on Thursday: the Juárez Cartel, operating on the Texas border, and Los Viagras from the western state of Michoacán. The Federal Register published the designations, which now bring the total number of Mexican organizations classified as terrorist groups to eight, including the Sinaloa Cartel and Jalisco New Generation Cartel.

Secretary of State Marco Rubio said both groups have either committed terrorist acts or pose serious risks to US nationals and national security. The Juárez Cartel, one of Mexico's oldest drug trafficking organizations, has controlled the critical Ciudad Juárez crossing point opposite El Paso, Texas for decades. Los Viagras emerged after a 2013-2014 farmers' uprising in Michoacán and is led by Nicolás Sierra Santana, who faces drug trafficking charges in Washington DC with a $5 million State Department reward for his capture.

The designations represent escalating pressure on Mexican President Claudia Sheinbaum's administration, following recent indictments of ten current and former Sinaloa state officials for alleged cartel ties and controversies over US operations in Mexico. The terrorist label, which President Trump began extending to Latin American cartels in February 2025, allows US authorities to take more aggressive action against these groups and anyone seen as aiding them.

The Trump administration is reviving the 'public charge' rule that could deny green cards to immigrants who use public benefits including food stamps, Medicaid, housing vouchers, and WIC assistance. The policy appeared in the Federal Register on Thursday and will be formally published July 20, taking effect September 18. Under the rule, green card applicants must demonstrate they won't become financial burdens to the country.

The policy was first implemented in February 2020 during Trump's first term but was reversed under President Biden. US Citizenship and Immigration Services said the government is 'reaffirming the requirement of self-reliance, protecting public resources and ending policies that encouraged dependency on the backs of hard-working American taxpayers.' DHS Secretary Markwayne Mullin stated the rule ensures immigrants 'must be able to support themselves.'

Immigration advocates criticized the move as creating a 'wealth test' that will lead to worse health outcomes. While federal law already requires those seeking permanent residency to show they won't become public charges, the Trump administration's version includes a broader range of programs that could disqualify applicants. The rule comes amid the administration's broader crackdown on both illegal and legal immigration, with actions increasingly targeting legal immigrants and mixed-status families where parents are foreign nationals with US-born children.

The Department of Homeland Security finalized a rule Thursday that prevents international students from staying in the US for more than four years without federal approval, marking a significant departure from long-standing practice. The rule, effective in September, also restricts when and how students may change their major or academic program. Current regulations allow students to remain for the duration of their academic programs, many of which exceed four years.

DHS Secretary Markwayne Mullin described the rule as closing a loophole that international students were exploiting by extending their studies. 'By implementing clear, finite limits on these visas, the United States is reclaiming its ability to properly screen, vet, and monitor individuals within our borders,' Mullin said. He added that the rule ensures foreign students remain 'focused on their primary purpose: completing their studies and returning home.'

Higher education leaders strongly opposed the change, calling it unnecessary and duplicative. 'International students are already among the most closely monitored nonimmigrant populations in the US and are subject to rigorous oversight,' said Zuzana Wootson of the Presidents' Alliance on Higher Education and Immigration. The rule comes as international enrollment is declining, with experts warning it sends the message that America is 'becoming less welcoming' at a time when global competition for talent is intensifying. International students, who pay full-price tuition and aren't eligible for federal aid, are particularly important to schools with smaller endowments.

Trump Media & Technology announced Thursday it plans to charge Wall Street firms and institutions for high-speed access to Truth Social posts through a new service called Truth PSI. The offering would allow trading firms to receive posts in milliseconds, enabling them to profit from market moves triggered by the content. A press release indicated the service would include access to 'the highest-ranking Truth Social accounts,' with President Trump himself boasting 12.9 million followers as the platform's most prominent user.

The arrangement raises unprecedented conflict of interest concerns since Trump is both the sitting president and the largest shareholder of the publicly traded parent company, meaning he would directly benefit financially from selling access to his own presidential communications. 'He's selling expedited, privileged access to information about what he is doing as president,' said Kathleen Clark, a government conflicts expert at Washington University School of Law. 'It's yet more brazen corruption, an improper exploitation of government power to enrich himself.'

In recent months, Trump has used Truth Social to announce major policy decisions affecting markets, including posts about the Iran war, tariffs, and immigration enforcement. These announcements can significantly impact oil prices, inflation expectations, and interest rate decisions. Trump Media said it hopes to launch the service next month and has already signed up customers, though pricing was not disclosed. The announcement comes as Trump Media's stock has plunged 70% since the president took office last year.