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The Latest: Trump says he's really close to a deal with Iran ahead of whirlwind weekend

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The Latest: Trump says he's really close to a deal with Iran ahead of whirlwind weekend
News

News

The Latest: Trump says he's really close to a deal with Iran ahead of whirlwind weekend

2026-06-12 21:48 Last Updated At:21:50

President Donald Trump has long been looking for this weekend to be a big one for his presidency.

The World Cup returns to the U.S. on Friday. On Sunday, his 80th birthday, he hosts a UFC fight night at the White House. Hours later, he’s scheduled to jet off to the G7 summit in the French Alps. But Trump set expectations even higher when he announced that the U.S. and Iran could come to terms this weekend on an agreement that would end the war.

Meanwhile, a new AP-NORC polling analysis finds independents have grown increasingly unhappy with Trump during his second term, particularly those without a college degree.

Here's the latest:

NATO’s top military officer is weighing alternative plans to defend Europe should it come under attack from Russia, after the United States announced it’s cutting the number of aircraft and warships it would provide in a security crisis.

The so-called NATO Force Model is Plan A for making forces from the 32 member nations available in times of peace, crisis or war. It sets out the military assets commanders can call on in phases over the first six months of any conflict.

But last month, the Pentagon warned its NATO allies it would be scaling down its commitment to focus on potential threats elsewhere, notably from China in the Indo-Pacific region.

European countries and Canada had waited impatiently for over a year for the Trump administration to detail its plans after it warned that Europe is no longer a top U.S. security priority. They knew cuts were coming, but not how big, fast or what kind.

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The relationship between Trump and French President Emmanuel Macron started simply enough, with a handshake, nearly a decade ago.

But even then, there were signs of strain in their relationship — tensions that could be on full display during next week’s G7 summit in France.

Back in 2017, Trump was a brash businessman just elected to America’s most powerful office, and Macron was an upstart politician who had won his race in a landslide. At a NATO summit in Brussels, they clinched hands far longer than most people do when they meet for the first time. Neither seemed to want to be the first to break a grip so tight that it exposed white knuckles.

Nevertheless, a friendship was born. And early on, Macron seemed to be the one European leader with a knack for managing his mercurial, three-decades-older counterpart.

But by the end of Trump’s first term, the bromance had faded. And in his second term, the leaders now openly trade barbs, disagreeing over tariffs, Ukraine and the Iran war.

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The surveillance tool seen as vital in preventing terror attacks and catching foreign spies is set to expire Friday after congressional efforts to temporarily extend it failed in bipartisan fashion.

It’s a significant lapse for the program known as Section 702, and even as President Donald Trump nominates a new national intelligence director more palatable to both Republicans and Democrats than his initial pick, it’s unclear how soon lawmakers — set for recess — would be able to revive the spy program.

Still, there may not be an immediate drop-off given that a court order from March authorized these government surveillance powers to remain in effect for another year.

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Canadian Prime Minister Mark Carney became a symbol of middle power resistance after a celebrated speech earlier this year, but he is expected to be more muted in his criticism of Trump at an upcoming summit in Europe.

Carney’s speech at the World Economic Forum in Davos, Switzerland, helped make him an international political star in January, when he declared the global rules-based order over and condemned coercion by great powers on smaller countries. The prime minister received widespread praise and attention for his remarks and upstaged Trump at the gathering.

But the Group of Seven summit of industrialized democracies that begins Monday in France comes ahead of the scheduled July 1 review of the U.S.-Mexico-Canada Agreement, or USMCA, the latest iteration of the North American free-trade pact that has intertwined the economies of the United States, Mexico and Canada since the early 1990s. It is a crucial moment in trade talks, and Trump said this week that he may not renew the deal.

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Trump’s handpicked board at the Kennedy Center is mounting a last-minute effort to keep his name on the facade of the iconic performing arts facility before a court-ordered deadline to remove it by Friday.

The board voted Thursday to seek a stay of U.S. District Judge Christopher Cooper’s May 29 ruling that said Trump’s name was illegally added to the Kennedy Center, according to a person familiar with the move who requested anonymity to discuss a private meeting. The formal request was filed late Thursday.

Cooper ruled that only Congress could institute a change to the Kennedy Center’s name and ordered references to Trump be removed by Friday. He also blocked the administration from closing the cultural and arts venue for major renovations that had been planned to start in July and last for two years.

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Independents have grown increasingly unhappy with Trump during his second term, a new AP-NORC polling analysis finds, particularly those without a college degree.

The analysis from researchers at The Associated Press-NORC Center for Public Affairs Research shows that while about half of independents without a college education had a positive view of Trump around the 2024 election, his approval with that group fell to about one-quarter this spring. That shift has erased the large education gap that existed among independents in the months before Trump took office for his second term, with independents now holding similarly negative views of the president regardless of their level of education.

The analysis was conducted by aggregating nearly two dozen AP-NORC polls conducted between July 2024 and April 2026, allowing for a deeper look at how support for Trump changed during several distinct periods, including the last six months of 2024, the first 100 days of Trump’s presidency, the summer of 2025 when the Big Beautiful Bill passed, last fall’s government shutdown and the beginning of the Iran war.

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Trump has long been looking for this weekend to be a big one for his presidency.

The World Cup returns to the U.S. on Friday for the first time in 32 years after Trump threw himself into winning the bid to co-host the soccer tourney during his first term. He’ll be feted Sunday, his 80th birthday, during a UFC fight night that’s expected to draw thousands to the White House grounds. Hours after the final bout, he’s scheduled to jet off to the G7 summit in the French Alps for talks with several world leaders he’s been beefing with over war and tariffs.

But Trump set expectations even higher for the coming days when he announced Thursday that the U.S. and Iran could come to terms this weekend on an agreement that would set the pathway to end the three-month-old war that’s been broadly unpopular with Americans and has rattled global oil markets. He said he plans to dispatch Vice President JD Vance to the signing of the agreement.

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President Donald Trump speaks before signing a proclamation about the fishing industry, in the Oval Office of the White House, Thursday, June 11, 2026, in Washington. (AP Photo/Jacquelyn Martin)

President Donald Trump speaks before signing a proclamation about the fishing industry, in the Oval Office of the White House, Thursday, June 11, 2026, in Washington. (AP Photo/Jacquelyn Martin)

President Donald Trump is pictured during an event where he signs a proclamation about the fishing industry, in the Oval Office of the White House, Thursday, June 11, 2026, in Washington. (AP Photo/Jacquelyn Martin)

President Donald Trump is pictured during an event where he signs a proclamation about the fishing industry, in the Oval Office of the White House, Thursday, June 11, 2026, in Washington. (AP Photo/Jacquelyn Martin)

NEW YORK (AP) — U.S. stocks are drifting Friday after oil prices fell again and as Wall Street waits for the highly anticipated debut of SpaceX coming later in the day. It’s the first of three gargantuan companies in the artificial-intelligence industry expected to start selling their shares on the U.S. market, and it could show how hungry investors still are for AI stocks following vicious swings and big doubts for them over the last week.

The S&P 500 rose 0.1%. The Dow Jones Industrial Average was up 270 points, or 0.5%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.1% lower.

Stocks got a lift from a 2.2% drop for the price of Brent crude oil to $88.36 per barrel, deepening its loss for the week. Oil prices have come down since President Donald Trump on Thursday called off his threat to launch strikes on Iran and said a potential deal with Iran may be imminent.

A deal to end the war could reopen the Strait of Hormuz and allow oil tankers to once again deliver crude from the Persian Gulf to customers worldwide. Its near closure since the war began has sent the price of Brent up from roughly $70 per barrel and caused a wave of painful inflation for the world.

Of course, financial markets have rallied in the past on hopes that an end to the war with Iran was near, only to get disappointed each time.

The bigger factor for Wall Street over the last week has actually been AI stocks, and how they have gone from roaring to records to suddenly turning lower. The concern is whether such stocks shot too high, too fast because of AI mania, and their careening moves have sometimes reversed direction by the hour.

Several headed back down the roller coaster Friday following Thursday’s climb. Micron Technology fell 2%, and Broadcom slipped 0.8%.

Some of the pressure on AI stocks may be coming from investors pulling their money out in hopes of moving it to SpaceX and other big AI-related initial public offerings.

SpaceX’s stock is set to begin trading on the Nasdaq later in the day for the first time. Elon Musk’s rocket company also has big investments in AI, part of the reason it has built up $29.1 billion in debt, as of the end of March. It’s unknown exactly what time SpaceX’s stock will begin trading.

If SpaceX shares hold at their offering price, the company’s market value would be $1.77 trillion. That would put it close to Broadcom and Meta Platforms, the sixth and seventh most valuable companies on Wall Street.

In the bond market, Treasury yields rose to regain some of their sharp slides the day before, when oil prices dropped following Trump’s announcement. The yield on the 10-year Treasury climbed to 4.48% from 4.45% late Thursday.

High yields can slow entire economies and undercut prices for all kinds of investments, including stocks and cryptocurrencies. They hit investments seen as the most expensive in particular, and some critics are calling the AI industry a bubble where investment inflated too far.

In stock markets abroad, indexes rallied as they caught up to Thursday’s big gains on Wall Street.

South Korea’s Kospi jumped 4.6% and trimmed its losses from earlier this month taken because of sell-offs for AI-related stocks. The Kospi has nearly doubled since the start of the year.

Tokyo’s Nikkei 225 rose 2.8%, and France’s CAC 40 climbed 1.8% for two of the world’s bigger moves.

AP Business Writers Chan Ho-him and Matt Ott contributed to this report.

Traders Edward Curran, left, and Fred Demarco work on the floor of the New York Stock Exchange, Wednesday, June 3, 2026. (AP Photo/Richard Drew)

Traders Edward Curran, left, and Fred Demarco work on the floor of the New York Stock Exchange, Wednesday, June 3, 2026. (AP Photo/Richard Drew)

Trader Richard Cohen works on the floor of the New York Stock Exchange, Friday, May 29, 2026. (AP Photo/Richard Drew)

Trader Richard Cohen works on the floor of the New York Stock Exchange, Friday, May 29, 2026. (AP Photo/Richard Drew)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 12, 2026. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 12, 2026. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 12, 2026. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 12, 2026. (AP Photo/Ahn Young-joon)

Currency traders watch monitors at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 12, 2026. (AP Photo/Ahn Young-joon)

Currency traders watch monitors at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 12, 2026. (AP Photo/Ahn Young-joon)

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