What We're Watching

What We’re Watching: Iran rejects US nuclear offer, Musk-Trump divorce goes public, Mongolian PM resigns

Iranian Supreme Leader Ayatollah Ali Khamenei in Tehran, Iran, on May 20, 2025.

Iranian Supreme Leader Ayatollah Ali Khamenei speaks to the crowd during a commemoration ceremony held to mark the first anniversary of the death of former President Ebrahim Raisi and his entourage in Tehran, Iran, on May 20, 2025.

ZUMA Press Wire via Reuters Connect

Iranian leader pours cold water on nuclear deal

US President Donald Trump’s hopes of clinching a quick and easy nuclear deal with Iran appear to be dashed, after Iranian Supreme Leader Ayatollah Ali Khamenei described the White House proposal – sent on Saturday – as “rude and arrogant.” The rejection comes days after a UN nuclear watchdog reported that Iran’s uranium is approaching weapons-grade levels. Even so, “Iran isn’t rejecting diplomacy and talks are likely to continue,” says Eurasia Group’s Iran expert Gregory Brew.

A Big Beautiful ‘Abomination’

“A disgusting abomination” – that’s how Tesla owner Elon Musk described the House Republicans’ “Big Beautiful Bill” on Tuesday afternoon, as his divorce from Trump grows increasingly public. Following Musk’s comment, some of the very people who passed the House bill are also now expressing buyer’s remorse. It looks like the chainsaw-wielding Musk has instead turned to throwing wrenches…

Mongolian PM steps down

Prime Minister Luvsannamsrai Oyun-Erdene has resigned following protests about alleged corruption. Mongolia is a sprawling, resource-rich former-Soviet satellite surrounded entirely by Russia and China. Unlike anyone else in the neighborhood, it has maintained a functioning multiparty democracy since the early 1990s, but this resignation marks a setback. A successor to Oyun-Erdene will be named within 30 days.

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People walk along Dubai Creek Harbour, amid the U.S.-Israel conflict with Iran, in Dubai, United Arab Emirates, March 6, 2026.
REUTERS/Amr Alfiky/File Photo

Iran could reportedly receive up to $300 billion in a reconstruction fund for its battered economy as part of its interim peace deal with the US, but US President Donald Trump said on Wednesday that the US would not be the one paying for it.