NEWS: Europe Calls Trump 'Boy Who Cried Wolf,' Trump Fears Iran Killing Him, Pentagon Running Out of Money, Major Trump Losses

Good afternoon, everyone. The war with Iran is escalating once again, and it comes at a precarious moment for the Trump administration. The Pentagon is warning that it is running out of money as the conflict expands, while the Strategic Petroleum Reserve sits at its lowest level in years. At the same time, questions are swirling about Air Force One after President Trump suggested he believes Iran wants to assassinate him and acknowledged security concerns surrounding his travel. Major U.S. strikes against Iran continue, while NATO allies are increasingly treating Trump’s warnings with skepticism, with some comparing him to the boy who cried wolf.

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Here’s the news:

• NBC News has confirmed that the Pentagon is warning that it is running out of money despite operating under a nearly $1 trillion defense budget, as the escalating conflict with Iran rapidly drains military resources. Defense officials have asked Congress for more than $67 billion in emergency supplemental funding, but lawmakers have not approved the request, partly because of bipartisan frustration over the administration's limited transparency about the war. According to U.S. officials and congressional staff, the Pentagon is struggling to cover the mounting costs of military operations while waiting for additional funding. The funding dispute comes as the United States launches a second consecutive day of strikes against Iran after President Trump declared the ceasefire over, raising concerns that the conflict could become even more expensive if it continues to escalate.

• Trump's declaration that the U.S.-Iran ceasefire was "over" sent oil prices sharply higher, reversing weeks of declines and renewing fears of disruptions in global energy supplies. U.S. crude briefly surged above $75 per barrel after Trump threatened additional military strikes and floated the possibility of reimposing a naval blockade on Iran, though prices later eased as analysts predicted continued volatility rather than a sustained spike. Experts warned that renewed fighting could push gasoline prices higher for Americans, creating political challenges for Republicans ahead of the midterm elections. While some analysts believe global oil production and increased output from OPEC could cushion the impact, continued attacks around the Strait of Hormuz and renewed U.S. sanctions on Iran are expected to keep energy markets on edge.

Air Force One Issues:

• President Donald Trump unexpectedly flew home from the NATO summit in Turkey on the older Air Force One, while sending the new Qatar-donated presidential jet ahead to a U.S. air base in the United Kingdom for military personnel to tour. The decision sparked speculation that the newly retrofitted aircraft may not yet have all of the security capabilities needed for presidential travel, particularly after Trump threatened renewed military action against Iran, though he denied that security concerns drove the change. Instead, Trump said he wanted service members to be the first to see the aircraft and described taking the older plane home as being "for old time's sake." The luxury Boeing 747-8, donated by Qatar and recently converted into the new Air Force One, has faced ongoing criticism over the ethics, constitutional questions, and security implications of accepting such a high-value gift from a foreign government.

• Trump was asked why he was not flying home on the new Air Force One after using it to travel to the NATO summit. He initially appeared confused by the question before saying the aircraft was flying ahead to one of the "big bases" so service members could see it. He added that he would instead return home "by normal methods," offering no further explanation for why he chose not to use the new plane on the return trip.

• Asked about speculation that he was avoiding the new Air Force One because of security concerns related to Iran, President Trump did not directly explain the change in travel plans. Instead, he emphasized the threat he believes Iran poses to him personally, saying he is "number one on the kill list for Iran," referencing earlier remarks about alleged Iranian assassination threats.

Iran war:

• The United States launched a second day of airstrikes against Iran after President Trump declared the U.S.-Iran ceasefire “over” and warned additional attacks were likely. U.S. Central Command said the strikes were intended to further degrade Iran’s ability to threaten shipping through the Strait of Hormuz, while Iranian state media reported explosions near Bandar Abbas, Sirik, Chabahar, and Konarak, along with power outages in parts of Chabahar. Vice President JD Vance said Iran had violated the agreement by attacking commercial ships and warned that if Tehran continued targeting vessels, the U.S. would “knock the hell out of them.”

• Iranian state media reported that shrapnel from the attacks struck Imam Ali Hospital in Chabahar, while additional explosions were reported in Bandar Abbas and on Abu Musa Island, prompting Iran to activate its air defense systems. Iran's Nournews, citing a military source, said the country's armed forces are preparing a "massive" retaliatory attack on U.S. military bases across the region, and power outages were reported in Chabahar following the strikes. The latest escalation comes just one day after the U.S. struck more than 80 Iranian targets, revoked a sanctions waiver allowing Iranian oil exports, and President Trump declared the U.S.-Iran ceasefire "over" at the NATO summit.

• Here are the targets:

• At the NATO summit in Ankara, Trump struck a more positive tone toward the alliance while announcing new military support for Ukraine, including plans to license Patriot missile defense production for Kyiv. He suggested Ukraine’s growing military capabilities could help force Russia into negotiations and said he expected Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin to meet soon. Trump also praised NATO allies for increasing defense spending, while leaders discussed Greenland, Turkey’s potential purchase of F-35 fighter jets, and Europe’s growing defense role.

• The renewed fighting immediately rattled global energy markets. Oil prices posted their biggest one-day gain since April, with Brent crude climbing above $80 a barrel before easing, as investors worried about disruptions in the Strait of Hormuz. Commercial ship traffic through the waterway remained far below prewar levels, while GPS interference affecting vessels surged again. The U.S. Navy has at least 19 warships operating in the Northern Arabian Sea as the conflict continues.

Trump losses in court:

• A federal judge ordered the release of the $5.8 million that President Donald Trump owes E. Jean Carroll after a jury found him liable in 2023 for sexually abusing and defaming her, following the Supreme Court's refusal to hear his appeal. The ruling allows Carroll to receive the money, plus accrued interest, from a court escrow account despite Trump's legal team making a last-minute request to delay the payment while asking the Supreme Court to reconsider. Trump's attorneys argued Carroll planned to distribute the funds, making them impossible to recover if the verdict were later overturned, while Carroll's lawyers said Trump was simply trying to delay payment after previously agreeing the funds could be released if the appeal failed. Trump continues to deny Carroll's allegations and is separately appealing an $83.3 million defamation judgment awarded to her in a related case.

• Trump lost another legal battle to restore his name to the John F. Kennedy Center for the Performing Arts after a federal appeals court ruled that removing his name while the broader case proceeds would not cause irreparable harm. Trump's name was added to the Kennedy Center by its board in December after he reshaped its leadership, but a lower court ordered it removed, finding that only Congress has the authority to rename the federally established institution. The appeals court also rejected arguments that keeping Trump's name off the building would harm fundraising, saying those claims lacked evidence and had not been properly raised earlier in the case. As a result, Trump's name will remain off the Kennedy Center while his appeal continues, with lawmakers who challenged the renaming calling the latest ruling another affirmation that the change was unlawful.

International News:

• European leaders are increasingly dismissing Trump's repeated threats, with NATO officials privately comparing him to "the boy who cried wolf." After years of warnings about withdrawing from NATO, seizing Greenland, and pulling U.S. troops from Europe that often failed to materialize, allies say they are taking his rhetoric less seriously. Rather than trying to appease Trump, European governments say they are boosting defense spending for their own security and preparing to rely less on the United States.

• European leaders left the NATO summit increasingly convinced they must rely less on the United States after President Donald Trump announced the U.S. was resuming military operations against Iran, reinforcing concerns about the unpredictability of American foreign policy. Several European officials said the renewed conflict strengthened their determination to build independent military capabilities, with one official saying Europe needs “more muscles” so it can stand on its own. Leaders also voiced frustration that they were neither consulted nor asked to participate in the renewed Iran campaign, highlighting a widening divide between Washington and its allies despite continued reliance on the U.S. nuclear umbrella. The summit also underscored Europe’s broader shift toward strategic independence, with stronger support for Ukraine, increased defense spending commitments, major defense deals between European countries, and growing efforts to diversify trade and energy supply chains in response to the renewed instability.

• According to the Guardian, NATO leaders reportedly agreed informally to avoid bringing up the U.S. World Cup loss to Belgium when meeting with President Donald Trump, out of concern that it could create unnecessary tension during the alliance's summit in Ankara. Belgian Prime Minister Bart De Wever acknowledged the strategy, joking that Trump has a reputation for reacting poorly to things he dislikes and saying he would not mention Belgium's 4-1 victory over the United States. The summit comes as NATO leaders are trying to keep Trump engaged by emphasizing increased European defense spending and unity within the alliance, while avoiding distractions. De Wever still slipped in a subtle joke, comparing NATO's military support for Ukraine to a "red card" for Vladimir Putin and quipping that, unlike the controversial World Cup decision involving U.S. player Folarin Balogun, "you can't just take back a red card."

Other news:

• The water has turned brown at one of Trump’s marquee beautification projects in DC at the Meridian Hill/Malcolm X Park.

• Kentucky Gov. Andy Beshear is publicly urging Sen. Mitch McConnell to provide a transparent update on his health after the 84-year-old senator has remained hospitalized for more than three weeks without disclosing the reason for his medical condition. In a letter, Beshear said Kentuckians deserve clarity about whether McConnell believes he is still able to serve, arguing that ongoing speculation benefits no one. McConnell's office declined to comment, instead pointing to recent phone calls he reportedly held with Senate Republican leaders, who said he was engaged and discussing Senate business while continuing his recovery. Despite those assurances, McConnell has not publicly addressed his condition, and it remains unclear whether he will return when the Senate reconvenes next week.

• A 42-year-old flight instructor in Argentina died after reportedly opening the door of a training aircraft and jumping out mid-flight, leaving his 22-year-old student alone at the controls. According to the student, the instructor told her, “You know what you have to do, carry on,” before removing his headset and seatbelt and exiting the plane. Despite being in shock, the student successfully landed the Cessna 150 without damage or injuries. Colleagues said the instructor had shown no signs he was planning to take his own life and described him as an experienced pilot with a positive personality. Prosecutors are investigating the circumstances surrounding the incident.

• Nearly 900 snakes, including venomous cobras, escaped from breeding farms in southern China after Typhoon Maysak triggered severe flooding that overwhelmed reservoirs and inundated nearby communities. One villager was bitten by an escaped snake, while emergency teams were deployed with fish nets and stun guns to recapture the reptiles and warned residents not to try catching them themselves. The flooding has killed dozens of people, forced more than 130,000 evacuations, and pushed dozens of rivers above flood-warning levels across southern China. Chinese leader Xi Jinping ordered an “all-out” rescue effort as officials warned that this year’s flood season is expected to be especially severe due to the combined effects of global warming and El Niño.

• Former Florida gubernatorial candidate Andrew Gillum was arrested in Alabama on July 2 after police say they pulled him over for erratic driving and found marijuana, methamphetamine, and drug paraphernalia in his vehicle. Gillum, the former mayor of Tallahassee and the 2018 Democratic nominee for governor, was charged with marijuana possession and unlawful possession of a controlled substance before being released the following day. The arrest marks the latest in a series of legal and personal challenges, including a 2023 federal corruption trial that ended with a hung jury on conspiracy and wire fraud charges and an acquittal on making false statements to the FBI. Gillum also stepped away from public life in 2020 after being found in a Miami Beach hotel room where another man had overdosed, later seeking treatment for alcohol abuse and depression.

• Albanian Prime Minister Edi Rama defended spending €4 million ($4.56 million) in public funds to support a Kanye West concert, arguing the last-minute investment was necessary to avoid canceling an event that had already attracted roughly 25,000 ticket holders from 80 countries. Rama said the July 11 concert is expected to generate at least €100 million in economic activity through tourism and local spending. The decision has sparked widespread criticism because of West’s history of antisemitic remarks and praise of Adolf Hitler, with many accusing the government of misusing taxpayer money. The controversy has added fuel to ongoing anti-government protests, where demonstrators are also protesting alleged corruption and other controversial development projects.

• A cargo plane operated by K2 Airways crashed into the Arabian Sea while approaching Karachi after reporting a navigational system problem, with search crews recovering wreckage but continuing to look for the five missing crew members. Pakistani naval and civilian teams located debris about 12 hours after the aircraft disappeared from radar, though rough monsoon seas and the vast search area have complicated rescue efforts. Officials said the plane had departed from Sharjah in the United Arab Emirates and made a sharp turn before rapidly descending and losing contact with air traffic control. Pakistani Prime Minister Shehbaz Sharif expressed sympathy for the families and ordered all available government resources to assist in the ongoing search and investigation.

See you soon.

— Aaron