Good morning from the Financial Times.

Today is Thursday, April 2nd, and this is your FT News briefing.

President Trump gave the U.S. an update on the war in Iran, and Chinese bonds seem to have become a safe haven from the war.

Plus, the FTs Gideon Rockman explains how U.S. tariffs have reshaped geopolitics.

These are efforts to not only preserve, but actually expand the network of free trade deals,

but in a way that basically goes around the United States.

I'm Sonia Hudson, and here's the news you need to start your day.

U.S. President Donald Trump addressed the nation last night and tried to reassure Americans that the war in Iran was nearly over.

He said his core strategic objectives are almost complete.

Their Navy is gone. Their Air Force is gone. Their missiles are just about used up or beaten.

Taken together, these actions will cripple Iran military,

crush their ability to support terrorist proxies,

and deny them the ability to build a nuclear bomb.

Trump threatened to hit Iran hard in the next two to three weeks.

He warned that the U.S. would strike the country's power plants

if no deal is reached with Tehran in that time.

The president also called on other countries to protect oil going through the critical strait of Hormuz.

Iran has effectively closed it by attacking ships passing through.

The waterways closure has led the cost of oil to spike, and that's caused a jump

in gas prices at the pump. During last night's address, Trump tried to soothe concerns about those

costs, which could be a political liability for his party going into the midterms.

When this conflict is over, the strait will open up naturally.

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