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Blanche backs away from fund, Trump halts Iran attacks

Todd Blanche rescinded an anti-weaponization fund and President Trump announced a suspension of planned attacks on Iran.
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Man in dark suit and orange tie raises right hand indoors; small pin on lapel visible.
Foto: Mark Schiefelbein/AP
The essentials
  • Senator Todd Blanche rescinds a $1.8 billion anti-weaponization fund that had stalled his confirmation hearing.
  • President Trump says the U.S. is calling off planned strikes on Iran's energy infrastructure and claims a deal is in the works.
  • Brent crude prices fell 8% following Trump’s announcement, signaling market relief over de-escalation.

Blanche Rescinds Anti-Weaponization Fund

Senator Todd Blanche, who is up for confirmation as the new head of the Department of Justice, has decided to cancel a controversial $1.8 billion anti-weaponization fund. This plan was created through a legal settlement after President Trump sued the IRS for releasing his tax returns to the public. Two Republican senators, John Cornyn and Thom Tillis, refused to support Blanche’s nomination until this particular provision was removed. The fund was intended to offer compensation to individuals who believed they had been wrongly targeted by federal government actions.

Blanche announced the decision in a letter released the day before. This move removes a significant obstacle for the Senate Judiciary Committee as it considers his nomination. However, some uncertainties remain. The part of the settlement that protects Trump and his family from future IRS tax audits was not addressed in the letter. As a result, that part of the agreement is still in place. According to Claudia Grisales from NPR, this omission raises important questions about whether Blanche will get enough support in the Senate to be confirmed. Given the narrow Republican majority, even a small number of dissenters could stop the confirmation vote.

Trump's Iran Policy Shift

Over the weekend, Trump took to social media to declare that the U.S. is backing off a planned military action against Iran. The president stated that a deal was close to being finalized and credited his advisers for convincing him to avoid any new strikes. Reports had suggested the U.S. and Israel were preparing to target Iran’s energy infrastructure. Trump claimed the agreement would lead to the Strait of Hormuz being fully open and would eliminate Iran’s nuclear threats.

NPR’s Hadeel Al-Shalchi notes that this is a familiar pattern for Trump. He often threatens military action, only to later shift to diplomacy. This has happened multiple times since Trump reached an initial deal with Iran in April. Trump said that new talks on the latest agreement would start today, but Iran has not yet responded. The abrupt change in plans has already had an effect on global markets.

Oil prices reacted quickly to Trump's announcement. Brent crude, the standard for global oil prices, fell by 8% and ended the day at $83 per barrel. This follows a period of dramatic swings, with prices breaking past $100 several times since the conflict with Iran worsened in February.

In a separate legal issue, Capital One Bank has asked a federal judge to dismiss a lawsuit brought by Trump-linked businesses. The lawsuit claims the bank shut down about 385 accounts in 2021 as political retaliation after the Capitol riot. The bank says the closures were part of a standard review for money laundering. This dispute shows the continued tensions between Trump and big financial institutions.

The Department of Justice is facing criticism over its use of a Civil War-era law to charge people who protest federal immigration enforcement. Since Trump took office, the DOJ has used this law in over 30 cases. Previously, most of these cases related to the January 6 Capitol riot. The recent shift to immigration-related protests has raised concerns about how the law is being applied.

Climate and Heat Warnings

In a dramatic climate development, the U.S. saw three intense heat domes last month. The latest one pushed extreme temperatures into the South and Midwest toward the end of July, and by the weekend, the heat had spread to California and the Four Corners region. Doctors warn that as these heat events become more common, the health risks like heat stroke and sleep loss are growing. Millions of people without access to cooling options are especially vulnerable.

Here are some tips for staying safe during the heat: Avoid going out in the sun, stay hydrated, and wear light, breathable clothing. If someone shows signs of heat stroke—like dizziness, severe headache, nausea, or tiredness—it's important to act quickly. Soaking them in cold water while waiting for help can save lives.

Artistically, Laila Annmarie Stevens is documenting a unique family story in her project 'The Clayton Sisterhood Project.' As a Black queer photographer, she captures how her family made the opposite journey of the Great Migration, moving from Queens, New York, to Clayton, North Carolina. Her work highlights their experiences and the evolving cultural landscape in the South.

Man in dark suit and orange tie raises right hand indoors; small pin on lapel visible.
FILE - Acting Attorney General Todd Blanche appears before the Senate Judiciary Committee on Capitol Hill in Washington, July 15, 2026. · Foto: NPR

Frequently asked questions

What did Todd Blanche rescind?

Todd Blanche rescinded a $1.8 billion 'anti-weaponization fund' that had stalled his confirmation process.

Did Trump cancel planned attacks on Iran?

Yes, Trump announced that the U.S. is canceling planned attacks on Iran's energy infrastructure and claims a deal is in the works.

What impact did Trump's announcement have on oil prices?

Following Trump’s announcement, Brent crude prices dropped by 8% to around $83 per barrel.

Based on reporting by NPR World, compiled by the Tradingbird newsroom. Published 03 Aug 2026, 13:08.
Topics: Diplo · Politics · Trade

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