This week, tensions between Iran and the U.S. continued to rise despite ongoing negotiations, with Iran threatening repercussions if the U.S. were to attack and Israel threatening Lebanon with strikes against civilian infrastructure if Hezbollah acted in defense of Iran. In the Indo-Pacific, China restricted rare earth exports to Japan, and U.S. aerospace manufacturers warned of dwindling rare earth supplies, despite last year’s trade truce. The U.S. imposed a global 10% tariff following last week’s decision by the Supreme Court that invalidated IEEPA tariffs, and the Cuban Coast Guard killed four passengers of a U.S.-flagged speedboat that entered Cuban waters. In the Russia/Ukraine conflict, Ukrainian President Volodymyr Zelenskyy expressed optimism in upcoming trilateral negotiations with Russia and the U.S., while the U.S. held talks with Ukraine on post-conflict reconstruction.