The New York Times

1. Trump Reversed Hormuz Plan After Saudis Denied Airspace Access

   Saudi Arabia’s refusal of support suggests that President Trump’s unpredictable approach to Iran has strained ties with one of his closest allies in the Middle East.

2. Court Rules Against Trump’s 10% Tariff

   Also, the U.S. and Iran exchange fire. Here’s the latest at the end of Thursday.

3. Trade Court Rules Trump’s 10% Global Tariff Is Illegal

   A panel of federal judges found that President Trump could not legally impose the tariff on most imports.

4. U.S. Debt Hits a Concerning Milestone, and Experts Say Trump’s Policies Could Worsen It

   The debt is outgrowing the size of America’s economy. The president’s policies could accelerate the country’s fiscal headaches, experts say, unless policymakers intervene.

5. Why Stocks and Bonds Are Responding Differently to the Iran War

   Stock investors are betting that companies will make enormous profits, despite the war. But investors in bonds, including U.S. Treasuries, have other concerns.