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President Trump tells reporters that the U.S. and Iran will jointly recover nuclear material after a deal is reached.
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As Trump pursued an unpopular war, Beijing positioned itself as a peacemaker, with little incentive to pressure Iran or annoy the U.S.
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Iran's military said on Saturday the Strait of Hormuz has "returned to its previous state." The announcement came after President Trump had said the blockade on Iranian ports would remain in place.
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After his election last year, Leo XIV developed a reputation as a mild-mannered mediator. President Trump's attacks have made him more combative.
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The Trump administration made the announcement hours after Iran said that the Strait of Hormuz was open to commercial ships.
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The S&P 500 leaped 2.5% after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz.
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The meeting comes less than two months after President Donald Trump blacklisted Anthropic's Claude.
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US President Donald Trump welcomed Tehran's announcement but said the US naval blockade would continue until a peace deal was reached.
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The Strait of Hormuz has remained almost completely closed as the U.S. and Iran have disputed the terms of their ceasefire agreement.
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Howard Lutnick, President Trump's commerce secretary, derided Canada's trade strategy and said a North American deal needed to be reworked.
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The Trump administration asserts a nearly 50-year-old law requiring the preservation of federal government records is unconstitutional. Historians warn important papers could be destroyed.
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