"Slap to America's Face"

Hi Global Recap readers,

Now that things have cooled off for now between Iran and Israel, Iran’s "Supreme Leader" Khamenei decided to take a victory lap on TV.

• But judging by the scene, he’s still holed up in his bunker...

• I sincerely wonder, do any Iranians buy what he’s selling?

But before that, check out North Korea’s brand-new resort that most of its own people can’t even afford. 👇️

🌐 WORLD
Fast Scroll News

🇰🇵 Kim Opens Tourist Resort. Kim Jong Un just cut the ribbon on North Korea’s massive Wonsan-Kalma beach resort, built to host 20,000 guests. State media hyped it as a major win for the year.

• Locals get access next week, but tourists from places like the US and South Korea aren’t on the guest list yet.

• Russian officials attended a VIP preview, suggesting that Russians might be among the first in line.

• Kim’s betting on tourism to help revive the economy, but COVID concerns and heavy censorship are still keeping the doors mostly closed for outsiders.

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🇮🇱 Israel Targeted Khamenei. During the 12-day war with Iran, Israel actively plotted to assassinate Supreme Leader Ayatollah Khamenei but never got the opening, Defense Minister Israel Katz revealed Thursday.

• Why? The plan hinged on visibility. But once the bombing started, Ayatollah Ali Khamenei went full bunker mode and cut contact with his military.

• “If Khamenei had been in our sights, we would have taken him out,” Katz told Israeli TV.

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🇮🇷 Khamenei Threatens US Bases. Speaking of which (now that the war has supposedly "ended"), Iran’s Supreme Leader Khamenei just showed up on state TV for the first time since the Iran-Israel ceasefire.

• He warned the US that any future attack would bring retaliation against its regional bases.

• He declared “victory” and called Iran’s June 22 strike on the massive US base in Qatar “a slap to America’s face,” claiming it proved Tehran can hit back “whenever it deems necessary.”

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🇮🇱 Netanyahu Sets Gaza Deadline. After the US bombed Iran last weekend, Trump and Netanyahu had what’s being described as an “euphoric” phone call, during which they allegedly agreed to end the Gaza war within two weeks.

• Their plan: Boot Hamas leadership into exile, free all hostages, and hand Gaza’s governance to Egypt, the UAE, and two other Arab states (no role for Palestinian Authority).

• In exchange, Israel backs a two-state solution “in principle,” the US backs West Bank annexation, and Arab states like Saudi Arabia normalize ties.

• The problem: Hamas leaders refuse exile, and Arab states aren’t on board without PA involvement.

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🇮🇳 India Snubs SCO Statement. India’s Defense Minister Rajnath Singh refused to sign the Shanghai Cooperation Organization (SCO)’s joint statement in Qingdao on June 26, saying it ignored the April 22 attack in Kashmir that killed 26 Indian tourists and “suited Pakistan’s narrative.”

• China hosted the talks and sides closely with Pakistan, largely because it has a long-standing history of border disputes with India.

• Meanwhile, India demands accountability for states “providing shelter to terrorists.”

• This shows how the China-led SCO is more fragmented and divided than many fear it to be.

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🇺🇸 UNITED STATES
Deal Secured

The US and China have quietly patched things up (sort of) on rare earth exports after months of tense back-and-forth about trade tariffs.

TL;DR:

• His exact words were: "[We] just signed with China."

• Many took that to mean a full deal, but it’s not quite there yet.

• The tariff deadline is still looming on July 9.

Trump's Announcement

At a "Big, Beautiful Bill" event at the White House, President Trump announced that the US “just signed with China.” But he didn’t share any details.

• Later, a White House official clarified that the US and China had "agreed to an additional understanding for a framework to implement the Geneva agreement."

So here's a concise timeline of events leading up to this moment. 👇

Timeline

1. Talks in Geneva

After months of mutual finger-pointing, the US and China decided to cool things down, starting with Geneva in May.

• At first, the tit-for-tat tariffs on each other's goods led to the US raising tariffs on some Chinese goods to a cumulative maximum of 245%, and China to 125%.

• After the Geneva meeting, they temporarily lowered the rates to 30% (US) and 10% (China) for 90 days.

• China agreed to ease up on non-tariff measures, like cutting back on license restrictions for rare earth exports.

• Still, as reported yesterday, there are reports that China has been confiscating passports of top rare earth technical staff to prevent them from sharing secrets overseas.

2. Beijing Slows Rare Earth Flow

Fast forward a few weeks, and the US accused China of dragging its feet, especially on rare earth shipments.

• These minerals are essential for electronics, defense tech, and EVs.

• The US said export licenses were being slow-walked, violating the Geneva spirit.

3. London Breakthrough Talks

Fast-forward to this month in London, where negotiators came out with a new plan.

• The two sides landed on a framework to implement the Geneva deal.

• According to two insiders, the "Geneva deal" was a handshake agreement with no official paperwork. But now, they've actually put it in writing.

• Commerce Secretary Howard Lutnick confirmed the deal is “signed and sealed.”

Tariff Deadline Still Looms

Yes, this could definitely be seen as a win for businesses that rely on predictability and stability in policy to keep things running smoothly. However, a broader tariff reckoning is still coming.

• The US had paused steeper tariffs on dozens of economies, but that pause ends July 9.

• White House Press Secretary Karoline Leavitt hinted the pause could be extended, but also made clear Trump holds all the cards, saying, “The president can simply provide these countries with a deal if they refuse to make us one.”

• Leavitt also says that the July 9 deadline is not "critical."

• Commerce Secretary Howard Lutnick said a few countries “will have deals” within a week.