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What to know:

• The agreement starts a 60-day negotiating clock to reach a final deal on the future of Iran’s nuclear program. The deal also opens the strait without tolls for two months, but does not preclude fees in the future, according to the drafts from both countries.
  
  

• Major concessions have been offered to Iran. The U.S. will issue waivers to sanctions that will immediately allow Iran to sell its oil freely. Other concessions — including the full lifting of sanctions and the release of frozen assets — would happen gradually and be linked to progress in the nuclear talks, according to Pakistani officials. The accord would also provide Iran with at least $300 billion to rebuild — an extraordinary figure and another major benefit for Iran. The money also appears dependent on the progress of further negotiations.

RELATED COVERAGE ➤

• Read the transcript of the deal
  
  
• WATCH: Trump says ‘we signed it in Versailles’
  
  
• Vance, skeptical of foreign wars, becomes the face of Trump’s tentative deal to end war with Iran
  
  
• The interim US-Iran deal leaves the fate of Tehran’s nuclear program still to be negotiated 
  
  
• A primer on uranium enrichment as Iran’s nuclear program faces scrutiny
  
  
• What do Iran and the US stand to gain from their deal? Here’s what to know 

WORLD NEWS

Hegseth lashes out at NATO allies and announces a review of US forces in Europe

Defense Secretary Pete Hegseth criticized NATO allies for not taking more responsibility for their own security on Thursday in Brussels. He also announced a six-month Pentagon review of American forces in Europe. Read more.

What to know:

• Hegseth lambasted European allies for failing to provide U.S. forces access to bases in Europe to launch attacks on Iran, calling it “shameful.” He also called for a reboot of the alliance to turn it into a “NATO 3.0” capable of deterring any threat. Hegseth said the United States would be investing $1.5 trillion in its own defense in 2027, sending “a message to the world” that America is building an “arsenal of freedom.”

RELATED COVERAGE ➤

• US is interested in a Polish offer for a permanent US military base, Polish official says
  
  
• NATO chief downplays US military cutbacks as top commander makes backup plans
  
  
• Macron deploys Versailles’ gold, mirrors and history in a high-stakes courtship of Trump
  
  
• Ukraine hits Moscow oil refinery, disrupting commercial flights in major drone attack
  
  
• Takeaways from the G7: Trump’s new attitude toward allies buoyed by their praise for Iran deal 
  
  
• Photo highlights from the G7
  
  
• WATCH: Trump says he’s ‘the boss’ on final day at G7 summit
  
  
• French president urges US to share cutting-edge AI and democracies to cooperate on regulation

POLITICS

AP Exclusive: Bernie Sanders unveils plan to give the public direct ownership of AI companies

The legislation, shown first to The Associated Press, would create a sovereign wealth fund overseen by an independent commission and financed through a one-time 50% tax on the stock of the largest AI companies. Read more.

Why this matters:

• Sanders estimates that the tax would create a nearly $7 trillion fund that would generate hundreds of billions of dollars annually in direct payments to Americans and programs such as health care, education and housing.
  
  

• While the idea of public ownership of AI companies has been discussed by President Donald Trump and OpenAI’s CEO, Sanders’ proposal goes much further. He’s calling for public ownership of half of the largest AI companies and direct influence over corporate decision-making.