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U.S. Treasury has borrowed $155 billion every month of this fiscal year—and is now paying $24 billion a week in interest on its debts

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Vice President JD Vance heads to Switzerland for talks with Iran but says he will only be there ‘for a day or two’

By
Kareem Chehayeb
Kareem Chehayeb
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Bassem Mroue
Bassem Mroue
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By
Kareem Chehayeb
Kareem Chehayeb
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The Associated Press
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June 20, 2026, 6:49 PM ET
Vice President JD Vance speaks during a news conference in the Brady Press Briefing Room at the White House on June 18, 2026.
Vice President JD Vance speaks during a news conference in the Brady Press Briefing Room at the White House on June 18, 2026.Andrew Harnik/Getty Images
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U.S. and Iranian negotiators headed to a Swiss venue Saturday for talks on adding key details to their interim agreement to halt the war, hours after Tehran said it closed the Strait of Hormuz because of Israel’s attacks in Lebanon and warned that little might be achieved if the fighting doesn’t stop.

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U.S. President Donald Trump, in response, unleashed a new threat to impose American tolls in the crucial waterway if a final deal with Iran isn’t reached in 60 days, saying the money would be for “services rendered as the Guardian Angel to the countries of the Middle East.” The agreement calls for toll-free travel for 60 days.

The announcements indicated a rough start to the technical-level talks that key mediator Pakistan said will begin Sunday, with Qatari mediators also participating.

U.S. Vice President JD Vance left for Switzerland on Saturday evening, just as Iranian state TV posted video showing Iran’s negotiators arriving there. They are led by parliamentary Speaker Mohammad Bagher Qalibaf and include Foreign Minister Abbas Araghchi and central bank and oil officials, among others. The deal calls for billions of dollars of Iran’s assets to be unfrozen.

Pakistan’s Prime Minister Shehbaz Sharif and army chief Field Marshal Asim Munir also left for Switzerland late Saturday.

Talks were meant to start Friday, but the Iranians canceled plans to attend because of escalating fighting in Lebanon. Negotiators for the U.S. and Qatar, with help from Iran, worked out an agreement between Israel and the Iranian-backed Hezbollah militant group to tamp down hostilities, according to U.S. and regional officials who spoke on the condition of anonymity because they were not authorized to comment publicly.

Vance told reporters he would be in Switzerland “for a day or two” but was optimistic about making progress in talks about Iran’s nuclear programand on a ceasefire in southern Lebanon. He earlier confirmed that top negotiators Jared Kushner and Steve Witkoff were already in Switzerland.

But Iranian Foreign Ministry spokesperson Esmail Baghaei told state TV that negotiations toward a final agreement will begin once key commitments are upheld. If they are not, “the memorandum of understanding as a whole will be jeopardized.”

The strait once again becomes a challenge

The strait has emerged again as a focus. Iran’s joint military command said it was closed because of the U.S. “clear breach of its commitments” by failing to end the war. The interim deal is meant to stop fighting on all fronts, including Lebanon.

The U.S. disputed Iran’s announcement.

“Iran does not control the Strait of Hormuz. Traffic continues to flow, and U.S. forces are monitoring the situation to ensure this remains the case,” said Capt. Tim Hawkins, a spokesperson for U.S. Central Command. The military said that 55 merchant ships transited Saturday with more than 17 million barrels of oil.

The global economy braced for more uncertainty.

Ships began transiting after the interim U.S.-Iran agreement was signed earlier in the week, a milestone that left plenty of questions unanswered. The U.S. lifted its blockade of Iran’s ports and now allows Tehran to sell its oil freely — terms that have left some in U.S. Congress asking whether the war was worth it.

The interim deal signed by Trump and Iranian President Masoud Pezeshkian gives negotiators 60 days to reach a nuclear agreement, but the issue is intricate and the time can be extended.

Israeli attacks in Lebanon kill at least 16

Earlier Saturday, as mediators tried to get the parties to Switzerland, a Hezbollah official told The Associated Press that Iran informed the militant group that Tehran won’t reopen the strait until Israel announces publicly that it will comply with a “comprehensive ceasefire” in Lebanon and an end to military operations there. The official spoke on condition of anonymity because he wasn’t authorized to speak publicly.

The official said that Hezbollah would commit to a ceasefire if Israel does.

An Israeli military official, speaking on condition of anonymity in line with regulations, later said that the military had received “updated directives from the political echelon to cease fire.” The official said that the military is operating in a defensive manner in Lebanon, which includes the right to respond to Hezbollah attacks.

The official also said that five Israeli soldiers had been killed in the past 48 hours in southern Lebanon.

Neither Israel nor Hezbollah are signatories to the deal between the U.S. and Iran.

Israeli strikes on southern Lebanon on Saturday killed at least 16 people, including two children. Seven people were trapped under rubble after strikes hit the southern city of Nabatiyeh and nearby villages, Lebanon’s National News Agency said.

An Israeli military official said that Hezbollah fired more than 50 projectiles at Israeli forces in southern Lebanon overnight. Israel’s army said that it struck dozens of Hezbollah targets and militants.

The death toll in the latest Israel-Hezbollah war has surpassed 4,000, Lebanon’s health ministry later announced.

Hezbollah and Israel went to war two days after the U.S. and Israel launched strikes on Iran on Feb. 28, with Hezbollah firing rockets and drones at northern Israel and Israel seizing large swaths of southern Lebanon.

A new round of U.S.-backed talks between the Lebanese government, and Israel is expected in Washington next week.

Israeli Prime Minister Benjamin Netanyahu has vowed to keep Israeli forces in southern Lebanon until any threat to Israel is eliminated. Hezbollah has refused to halt its attacks unless Israel commits to withdrawing from Lebanon.

Fighting continues near the Israel-Lebanon border

The dead in Lebanon included parents and two children in Barish village. In Arab Salim village, a body was pulled from a destroyed house, and in Doueir and Kfar Rumman villages, drone strikes killed a person on a motorcycle and a Lebanese soldier. Nine people were killed in strikes in Qannarit, Sohmor and Shehour villages.

Israeli jets flew low over the coastal city of Tyre.

“Our entire lives would change if there’s a ceasefire,” said one resident, Hussein Khoshman.

Some residents of northern Israel doubted the fighting would stop.

“I don’t believe in a ceasefire because it doesn’t exist,” said Miriam Hod in Metula.

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