US & Iran Strike Each Other, Trump's New Tariffs Blocked

US & Iran Strike Each Other, Trump's New Tariffs Blocked

From Bloomberg Daybreak: US Edition by Bloomberg

May 8, 2026 · 15 min

About this episode

The episode discusses the recent US-Iran military clashes, the court ruling against Trump's tariffs, and SoftBank's financing adjustments.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US and Iran clashed near the Strait of Hormuz, with US forces targeting missile and drone launch sites and other military assets in Iran. The clashes risk undermining talks over a US-proposed deal to end the war, with Iran expected to send a response via Pakistan in the next two days. 2) A federal trade court declared President Trump's 10% global tariffs unlawful, granting a request by small businesses and mostly Democrat-led states to invalidate the tariffs. The court blocked the administration from enforcing the tariffs against two companies that sued and Washington State, but did not issue a "universal injunction" as other states lacked standing. 3) SoftBank has downsized plans for a $10 billion margin loan backed by its OpenAI stake after facing hesitation from some creditors. The Japanese conglomerate and bankers have mentioned targeting an amount as low as $6 billion in separate discussions with potential lenders in recent weeks. See omnystudio.com/listener for privacy information.

Topics covered

  • US-Iran relations
  • trade tariffs
  • SoftBank financing
  • military conflict
  • court rulings

Keywords

  • US
  • Iran
  • tariffs
  • SoftBank
  • OpenAI
  • military
  • court ruling
  • trade

Mentioned in this episode

Organizations: SoftBank, OpenAI

Places: Iran, United States, Strait of Hormuz

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