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Latest Business News, Business News India Today | The HinduBusinessLine

Draft CAFE-3 Norms: Govt eases penalties, focuses on carbon credit trading for auto sector Modi seeks opposition backing to implement women’s reservation before 2029 polls West Asia crisis: Ludhiana handtool export units face labour, gas supply shortages, high input costs Patent application filings in India rise 30.2% to 1.43 lakh in 2025-26: Goyal Meet the man with 138 degrees: Dashrath Singh, an ex-serviceman, earns latest qualification from IGNOU Europe missed AI bus, but India has potential to catch up: Former WEF Director AIG Hospitals, ICMR team up for digital health innovation Juno Joule Bio Fuels begins construction of compressed bio-gas project in Telangana Legendary playback singer Asha Bhosle dies at 92 Signature Global cuts net debt by 77% to ₹200 crore in FY26 Iran aims to restore majority of refining capability within two months Supreme Court to hear on Monday pleas related to SIR of electoral rolls in West Bengal US, India hold engagements to advance defence cooperation Trump shares article suggesting option with him to enforce naval blockade on Iran NCLAT reaffirms project-specific insolvency proceedings against realty firms Iran-US talks in Pakistan ended without deal as Tehran cites ‘excessive demands’ from US Two supertankers U-turn in Hormuz as US-Iran talks break down Time has come to implement Women's Reservation Act: PM Modi's letter to LS, RS floor leaders Iran war diverts US military, attention from Asia ahead of Trump's summit with China's leader Trump says China will have big problems if it ships arms to Iran India will soon become self-reliant in defence sector, find itself among leading nations of the world: Rajnath Singh Pakistan to continue facilitating US-Iran talks, says Dar; urges ceasefire More than 2,000 people killed by Israeli strikes in Lebanon during Israel-Hezbollah war: officials Iran denies US claims of mine clearing ships’ passage through Strait of Hormuz AI to reduce uncertainties and expand opportunities - RBI DG EAM Jaishankar meets members of Indian community in UAE 4 ways war in Iran has weakened United States in great power game US-Iran talks fail after 21 hours in Islamabad, JD Vance cites nuclear deadlock Delhi EV Policy: Electric 3-Wheelers Only by 2027, 2-Wheelers by 2028 Islamabad talks: US and Iran begin negotiations aimed at ending West Asia conflict
Trump rejects Iran proposal as fragile ceasefire faces gr...
2026-05-12 · via Latest Business News, Business News India Today | The HinduBusinessLine
The United States and Iran have once again reached a diplomatic deadlock over ending their ongoing conflict, even as a fragile ceasefire remains in place. President Donald Trump strongly rejected Iran’s latest proposal, calling it “totally unacceptable,” while tensions escalated across the Gulf region with renewed attacks and clashes involving Hezbollah and Israel.

The United States and Iran have once again reached a diplomatic deadlock over ending their ongoing conflict, even as a fragile ceasefire remains in place. President Donald Trump strongly rejected Iran’s latest proposal, calling it “totally unacceptable,” while tensions escalated across the Gulf region with renewed attacks and clashes involving Hezbollah and Israel. | Photo Credit: ELIZABETH FRANTZ

Iran and the United States reached an impasse again Monday over how to end their war while their ceasefire grew increasingly shaky, with the two sides exchanging fire in recent days, ships and Gulf states being targeted, and fighting flaring between Israel and the Lebanese militant group Hezbollah.

President Donald Trump said Sunday that Iran's response to his latest proposal was “TOTALLY UNACCEPTABLE!”

Trump likens Jimmy Lai to Comey as he plans to discuss case with Xi

The US president said he'll bring up the plight of Jimmy Lai in China this week but he compared the pro-democracy activist to one of his most detested foes.

“Jimmy Lai, you know, he caused a lot of bedlam,” Trump told reporters Monday. “It's like saying to me, if Comey ever went to jail, would you let him out?' That might be a hard one for me.” Trump is referring to former FBI director James Comey, whom he fired in 2017 over his handling of the investigation into Russian interference in the 2016 elections. The Justice Department is now prosecuting Comey on charges of making threats against the president. Its first indictment of Comey was dismissed.

“Jimmy Lai, he caused lots of turmoil in China. He tried to do the right thing. He wasn't successful, went to jail, and people would like him out,” Trump said. “And I'd like to see him get out too.”

Asked about hantavirus, Trump says I hope it's fine'

Trump made the comment Monday in the White House as countries around the world repatriated passengers from a cruise ship hit by a deadly hantavirus outbreak.

“I hope it's fine. All I can do is everything that a president can do, which is something — which is actually somewhat limited,” Trump said.

Among the cruise ship passengers who tested positive were a French woman and an American. Some experts have said U.S. authorities were slow to respond, but Trump said he thought the response was, “I think fine.” “The one thing with this one is that it's much harder to catch,” Trump said. “It's been around for a long time, people are very familiar with it.”

What is a gas tax holiday?

A gas tax holiday is a temporary suspension of the federal gas tax, currently set at 18.4 cents per gallon on gasoline and 24.4 cents per gallon on diesel fuel. That does not include state taxes, which often are higher.

The tax provides more than USD 23 billion per year in revenue for federal highway and public transit programs.

The president cannot suspend the federal tax on his own. Congress would have to approve the move.

Both the House and Senate are controlled by Republicans.

Trump says he'll suspend federal gas tax

Trump answered yes when asked if he would suspend the federal gas tax amid higher prices stemming from the war with Iran.

He said the price of oil and gas would drop “like a rock” as soon as hostilities are over. Asked how long the suspension would last, he said “until it's appropriate.”

Two regional diplomats say one issue frustrating Trump is Iran's demand for war damages

They noted that, traditionally, reparations are paid by the defeated side and Trump is wary of the term “reparations” appearing in Iranian proposals, as agreeing to it could be seen as acknowledging defeat.

Both diplomats spoke on condition of anonymity because they weren't authorized to discuss the ongoing negotiations.

One diplomat added that Pakistan is working to broker a memorandum of understanding between the United States and Iran aimed at ending the war and maintaining broader dialogue on unresolved issues.

He said Islamabad has support from other regional countries, and that Prime Minister Shehbaz Sharif, Foreign Minister Ishaq Dar and Army Chief Field Marshal Asim Munir have been in contact with both sides, as well as regional governments, to help ensure the ceasefire holds, the war ends and the parties agree to in-person talks next week.

The White House did not immediately respond to a request for comment.

Iranian sovereignty over the Strait of Hormuz?

Maritime experts say granting Iran exclusive sovereignty over the strait — or allowing it to collect tolls on ships passing through — would violate a basic and enduring principle of international maritime trade: freedom of peaceful navigation. It's an ancient idea that was codified by the United Nations' Convention on the Law of the Sea, which took effect in 1994.

Before the war, the strait was an international waterway through which ships were meant to pass freely.

Agreeing to Iranian sovereignty would cement the country's control over the waterway — eroding the freedom of navigation on which global trade depends and potentially making other global choke points subject to geopolitical power plays.

Published on May 12, 2026