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President Donald Trump said South Korea plans to invest about $54 billion in a natural gas project in Alaska. He made the announcement in the Oval Office on Wednesday, flanked by Republican Senator Dan Sullivan, who faces a tough reelection race in the state. It was the second time this week that Trump has sought to elevate Senate candidates in states he won comfortably each time he ran for president. Trump made a similar announcement on Monday for a massive steel plant in Iowa. In Alaska, Sullivan faces a competitive challenge from Democrat Mary Peltola, a former congresswoman.

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Iran’s currency has fallen to a new record low, with traders exchanging more than 2.5 million rials to the U.S. dollar. The decline on Tuesday comes just 27 days after the rial hit its previous record of 2.2 million to the dollar. Meanwhile, Iran’s top diplomat Abbas Araghchi said late on Monday that indirect negotiations with the U.S. about reopening the Strait of Hormuz have become more serious. The Iranian Revolutionary Guard Corps’ chief spokesman Gen. Hossein Mohebbi on Tuesday called on Americans to take to the streets and protest the conflict.

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Officials tell The Associated Press that mediators are working with Iran and the United States on a deal to end fighting and open the Strait of Hormuz. Iranian state media reported that Foreign Minister Abbas Araghchi will meet with Qatari mediators Monday about the latest discussions. President Donald Trump initially said he rejected Tehran’s latest proposal to reopen the strait in exchange for lifting a U.S. blockade and meeting other conditions. A senior U.S. official says that despite the rhetoric, Trump is open to pursuing a non-military resolution to the conflict if one can be achieve. But another U.S. official says the Trump administration won't reach a deal with Tehran until nuclear issues are addressed.

The Trump administration released new fuel economy standards on Monday, relaxing regulatory requirements for automakers to control pollution from gasoline-powered cars and light trucks. The new standards set the industry fleetwide average for light-duty vehicles at roughly 34.9 miles per gallon in the 2031 model year, down from a projected 50.4 miles per gallon in 2031 under rules put in place by the Biden administration. President Donald Trump claimed on his Truth Social media account Saturday that the less stringent mileage requirements would save Americans thousands of dollars on a new car.