The briefing for Monday, July 27.

The United States and Iran have refrained from military strikes for a second straight day, according to the Associated Press, as mediators work to revive negotiations on an interim ceasefire deal. The pause comes after nearly two weeks of escalating attacks sparked by Iran's firing at ships attempting to transit the Strait of Hormuz. U.S. Ambassador to the UN Mike Waltz told Fox News that President Trump is "giving talks some space," with negotiations occurring at multiple levels involving Oman, Iran, and other parties.

Oil markets reacted sharply to the pause, with Brent crude prices falling 9% on Monday to below $88 per barrel, according to the BBC. The decline represents a significant reversal from last week when Brent briefly hit $102—its highest level since May. The conflict has largely halted shipping through the Strait of Hormuz, which typically carries about 20% of the world's oil. Alternative routes through the Red Sea also came under attack last week when Houthi forces struck Saudi oil tankers.

The conflict's economic impact extends beyond energy markets. U.S. gasoline prices have climbed to $4.11 per gallon, up from $3.15 a year ago, according to AAA. Rising energy costs could reignite inflation pressures just as they had begun to ease, with traders now pricing in a 36% chance the Federal Reserve will hike interest rates at an upcoming meeting. Long-term mortgage rates have already hit their highest levels in nearly a year, potentially slowing economic growth by making borrowing more expensive for consumers and businesses.

Despite the current pause, significant uncertainty remains about the path forward. The 60-day negotiation period that began when the interim deal was signed in mid-June is now well into its second half, with major issues—particularly Iran's nuclear program—still unresolved. A regional official involved in mediation described the pause as a "positive signal" for de-escalation efforts, though both sides have previously violated temporary ceasefires during this conflict.

German police shot and killed Abdul Ballout, the 21-year-old suspect in Saturday night's attack at Berlin Pride, after he rushed at officers with a knife during a manhunt in the city's Spandau district. The attack killed one woman and injured at least 29 others when a white van drove into crowds near Tiergarten park during the annual Christopher Street Day celebration. Following the ramming, several people were injured in what police describe as a stabbing attack, possibly involving a machete.

German Interior Minister Alexander Dobrindt said evidence points to an "Islamist terror attack," noting that Ballout had "drawn attention to himself through a high volume of criminal offences, radicalisation and affiliation with the Islamist scene." According to prosecutors, Ballout traveled to Lebanon in May 2025 intending to join the Islamic State group in Syria, where he allegedly contacted individuals he believed were IS members. He was arrested in Lebanon that July and sentenced to three months for incitement to religious conflict.

Ballout returned to Germany in November 2025 and was arrested at Berlin Brandenburg Airport. In May 2026, he received a one-year, ten-month sentence for "preparing a serious act of violence endangering the state," but the sentence was deferred for six months and he was placed under parole supervision. He had previous convictions for assault and robbery in 2022 and robbery in 2020. The case has raised questions about how someone with such an extensive criminal and radicalization history remained free to carry out an attack.

Chancellor Friedrich Merz visited the attack site and later pledged to "defend the freedom and openness of our lives" at a church service honoring victims. Dobrindt announced that Germany's threat level would be raised and other states would be advised to review security measures for major events. Members of the LGBT community held an impromptu vigil at the Brandenburg Gate, condemning extremism while also criticizing the government for recent budget cuts to queer organizations.

The Trump administration has imposed tariffs of 10% or 12.5% on imports from more than 60 countries—accounting for 99% of U.S. imports—using Section 301 of the Trade Act of 1974. The tariffs target countries the U.S. claims either lack forced-labor import bans or fail to effectively enforce them. According to the Associated Press, the affected countries have called the administration's claims "unfounded and arbitrary," noting that nations with vastly different forced-labor records received identical tariff rates.

The tariffs took effect just as temporary 10% worldwide tariffs expired, leading critics to argue they are less about addressing forced labor than replacing tariffs the Supreme Court struck down in February. The U.S. Trade Representative's office says it consulted with all 60 economies under investigation and held two rounds of public hearings with more than 2,100 public comments, but provided few details on how it arrived at the specific tariff rates.

Section 301 allows the president to impose permanent tariffs without congressional approval when foreign countries engage in "unjustifiable," "unreasonable," or "discriminatory" trade practices. Barry Appleton, a law professor at New York Law School, told the AP that "the president doesn't want to knock on the front door of Congress, so he's trying every side door and every unlatched window to get in." Trade experts say while it's straightforward to determine if countries have forced-labor bans, assessing enforcement is far more subjective.

Countries including Brazil and Australia have strongly objected to the designations. Brazil called the move "arbitrary and unjustified," saying the U.S. "chose to manipulate an issue of great importance to human rights" to accuse dozens of countries of unfair practices. Even if countries strengthen their forced-labor enforcement, they would still need to prove to Washington's satisfaction that they're meeting U.S. standards before tariffs would be removed, creating what one trade lawyer called no "short-term path" for relief.

Shares of CXMT, China's largest memory chipmaker, surged 462% in early trading Monday after debuting on Shanghai's STAR market in mainland China's biggest initial public offering in recent years. The company raised at least $8.6 billion in its listing, priced at 8.66 yuan per share, and became the most valuable company on a mainland Chinese exchange with a market capitalization exceeding $487 billion, according to ABC News. Despite this valuation, CXMT remains smaller than South Korean and American memory chipmakers like Samsung Electronics, SK Hynix, and Micron Technology.

Founded in 2016 in Hefei, CXMT is one of the world's largest makers of DRAM memory chips, used in everything from AI servers to smartphones and automobiles. The company's revenue surged more than 700% year-over-year to $7.5 billion in the first three months of 2026, driven by soaring demand from the rapid rise of artificial intelligence. The global memory chip shortage caused by AI's growth has pushed up prices for computers and smartphones worldwide.

CXMT faces significant challenges despite its market success. U.S. export restrictions have limited the company's access to the world's most advanced chipmaking equipment, forcing it to rely on Chinese tool manufacturers. According to Counterpoint Research, CXMT held about 9% of the global DRAM market in the first quarter of 2026 and is forecast to reach 11% by 2028. However, analysts estimate the company will need at least a 15% global market share to be competitive long-term.

The company has been designated by the Pentagon as having links to the Chinese military, a claim Beijing rejects. Some U.S. lawmakers have recently called for the Trump administration to block American companies from purchasing CXMT's chips over national and economic security concerns. The IPO follows SK Hynix's $26.5 billion Nasdaq listing earlier this month, highlighting continued global investment in memory chip production amid the AI boom.

The Nuclear Regulatory Commission is proposing to eliminate the ALARA principle—"as low as reasonably achievable"—a foundational radiation safety standard that has been in place for 50 years and adopted worldwide. The proposal would replace ALARA with a "graded approach" that requires more rigorous radiation protection measures as exposure approaches dose limits, while keeping separate maximum exposure standards unchanged. The change comes as President Trump pushes to quadruple domestic nuclear energy production to meet surging electricity demand from data centers and artificial intelligence.

Under current rules, facilities using radioactive materials—including nuclear plants, hospitals, and academic institutions—must ensure radiation exposures stay as low as reasonably achievable, not just below maximum limits. The two standards have worked together: dose limits set the ceiling for radiation exposure, while ALARA kept actual exposure as low as practical beneath those limits. Research shows radiation exposure increases cancer risk, with risk rising as dose increases.

NRC Chairman Ho Nieh said the commission is "not lowering the bar on safety" but rather "removing the ambiguity" while maintaining unchanged exposure standards for workers and the public. The Energy Department has already stopped using ALARA. Nieh expects little change within existing large reactors but believes companies designing new, smaller reactors could move faster with clearer radiation protection requirements. The nuclear industry's trade association supports the change, with the Nuclear Energy Institute's Doug True saying the industry will continue working to reduce doses despite the regulatory shift.

Critics warn the proposal could raise permissible radiation doses in certain cases while staying below caps. Edwin Lyman of the Union of Concerned Scientists highlighted proposed revisions to radionuclide emissions standards as particularly concerning. The NRC expects to finalize the radiation protection regulations in the coming months, with proponents arguing it will remove a "moving target" for regulation and allow more rational decisions about manageable risk levels.

President Trump's border czar Tom Homan confirmed Sunday that the vetting of ICE officer David Brouillette is under internal review after the Associated Press revealed he had a documented history of mental health struggles and violent behavior before being hired. Brouillette, an Army veteran, shot and killed 25-year-old Colombian national Johan Sebastián Durán Guerrero near his home in Biddeford, Maine. The incident is one of at least 10 deaths in encounters with immigration officers since Trump's mass deportation campaign began.

Homan told CNN that if allegations about Brouillette's background are true, "I don't think he should ever have cleared vetting." He said both the training and the specific vetting in this case are under review by the internal affairs section. Acting ICE Director David Venturella has issued a new directive requiring body-worn cameras during all vehicle stops, a change made after Homeland Security Secretary Markwayne Mullin initially ordered a pause in stops following the Maine shooting—a pause Trump quickly reversed.

Questions about the Department of Homeland Security's rush to hire, train, and deploy thousands of new ICE officers have intensified after back-to-back fatal shootings in Maine and Houston. During a closed-door House Homeland Security Committee briefing last week, lawmakers were told there have been 56 complaints of excessive force against ICE officers. Of those, 32 were cleared, one was referred for disciplinary action with no discipline yet handed out, and the rest remain under investigation.

The Trump administration has failed to meet its stated goal of deporting 1 million people annually despite an intense immigration enforcement crackdown. At least 10 people have died in ICE encounters since the campaign began, including two American citizens—Renee Good and Alex Pretti, a 37-year-old nurse—killed during protests in Minneapolis. Republican Senator Susan Collins of Maine, chair of the Senate Appropriations Committee, has pushed for body camera funding and called it "extremely unfortunate" that the officer in her state wasn't using one.