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The US president said the operation has been paused after starting on Monday.
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President Donald Trump raised hopes of an agreement between the US and Iran after days of escalation.
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The White House and the Pentagon touted the new mission dubbed "Project Freedom" on Tuesday, only for the president to abruptly halt it.
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"Project Freedom", which began less than 48 hours ago, will be halted because progress has been made toward a deal with Iran, the US president says.
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