US, Iran at Odds Over Talks as Trump Pulls Back Hormuz Ultimatum

Good morning. Trump walks back his Hormuz ultimatum. Toyota plows $1 billion into two US plants. And Thailand hotels are slashing prices as the war hampers travel. Listen to the day’s top stories.

Donald Trump backed off his threat to destroy Iran’s power infrastructure if the Islamic Republic didn’t reopen the Strait of Hormuz after US allies and Gulf countries were said to have privately warned the president of the dangers of following through with his threat. The commander-in-chief is now offering the Islamic Republic a five-day reprieve, pointing to new talks he believes would result in a deal to resolve the conflict. There’s just one snag: Both sides disagreed whether any discussions were held prior to Trump’s announcement. Pakistan is positioning itself as the lead mediator between the warring parties, the Financial Times reported.