NEWS: Trump drops IRS lawsuit for compensation fund, Weighs Iran military options, China buys Boeing jets and farm goods, Inflation nears 5 percent

Good morning, everyone. President Trump dismissed his lawsuit against the IRS while a 1.776 billion dollar compensation fund for past targeting claims takes shape. Iran proposed a long truce with gradual Strait of Hormuz reopening as U.S. officials rejected an updated deal and prepared to discuss military options. China committed to purchasing 200 Boeing jets and 17 billion dollars per year in U.S. farm goods, prorated for 2026 plus full years 2027 and 2028.

A judge ruled on evidence items in the Luigi Mangione murder trial. Projections placed U.S. inflation above 5 percent by the November midterms. Oil production began at Alaska’s Pikka field. Hackers stole portions of the Grafana codebase through a compromised GitHub token.

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  • President Trump dismissed the lawsuit against the Internal Revenue Service. Axios reported the action on May 18. The step ends a tax administration legal dispute. Administration officials stated the case would not proceed in the courts. This closes taxpayer funded costs tied to the high profile matter. Court records link the dismissal to creation of a 1.776 billion dollar Anti-Weaponization Fund. The fund addresses claims from individuals who faced prior investigations. Plaintiffs receive formal apologies. No direct monetary damages go to individual plaintiffs. Remaining funds revert to the federal government at close.
  • Iranian officials seek a long truce amid current regional tensions. They propose gradual reopening of the Strait of Hormuz for shipping. Reuters covered the position on May 18. The approach targets reduced restrictions on global energy routes. Diplomats confirmed details through statements to international outlets. The proposal focuses on easing friction in the key waterway. It aims to stabilize shipping lanes and lower conflict risks in the area.
  • The White House viewed Iran’s updated proposal as insufficient for any agreement. President Trump plans to convene his national security team in the Situation Room on Tuesday. A senior official indicated that without shifts from Iran the process may move to military elements. The administration assessed the latest offer as lacking core concessions. Ongoing indirect talks showed little progress on substantive terms. The impasse keeps pressure on diplomatic and security channels in the region.
  • A judge permitted prosecutors to introduce a gun and notebook as evidence in Luigi Mangione’s murder trial. The items surfaced during the investigation into the UnitedHealthcare CEO killing. The ruling applies directly to the upcoming proceedings. Prosecutors argued for inclusion to support their case. The decision resolves admissibility questions ahead of trial. It equips the prosecution with physical materials central to the charges.
  • Recent CPI data showed monthly gains averaging 0.4 percent over six months. March and April readings reached 0.9 percent and 0.6 percent. Projections place year over year inflation above 5 percent in coming months. The trend places yearly inflation near 5.2 percent by the November midterms. Continued patterns raise questions about price pressures ahead of elections. The readings reflect broader input cost increases tied to energy and supply factors.
  • President Trump announced agreements with China after talks with President Xi Jinping. China committed to buying 200 Boeing jets and 17 billion dollars per year in U.S. farm goods, prorated for 2026 with full commitments for 2027 and 2028. The deals renew approvals for hundreds of American beef facilities. Select poultry imports from certain states resume under the terms. The commitments expand access for U.S. manufacturing and agricultural sectors. They strengthen market ties amid global trade competition.
  • The United States rejected Iran’s latest peace proposal. Officials stated it failed to address core concerns on nuclear issues. One senior official warned the current terms risk war resumption without major concessions from Tehran. The decision follows indirect discussions. U.S. and Israel conducted large scale preparations for possible resumed operations. The stance keeps pressure on Iran for verifiable limits on its nuclear activities.
  • President Trump intends to install a concrete helipad on the White House South Lawn. The project continues alterations to longstanding grounds features. Prior work included updates to the Rose Garden and East Wing elements. The addition forms the latest step in modifications to historic presidential property. It modernizes operational access while changing traditional landscape elements. Physical changes set precedents for future management of federal historic sites.
  • Alaska’s Pikka field reached first oil production from Phase 1 on the North Slope. Sen. Dan Sullivan announced the milestone. He approved the exploration well years earlier as DNR commissioner. Santos confirmed initial output with plans for ramp up in coming weeks. The project targets steady increase toward 20,000 barrels per day initially. Plateau output aims for 80,000 barrels per day. It promises thousands of jobs and billions in lifetime revenue for the state.
  • Sen. Ruben Gallego urged immediate approval of pending U.S. arms sales to Taiwan. He argued that holding security support as leverage with China represents surrender rather than strategy. Taiwan continues to request steady deliveries to maintain defenses. Consistent follow through on prior commitments serves both the partner and broader regional stability. Approved packages await final administration action amid ongoing tensions.
  • U.S. grocery prices rose at the fastest pace in nearly four years during April. Sen. Ruben Gallego tied the increases to conflict with Iran disrupting global oil supplies. Elevated fuel and input costs reached household grocery bills. Data confirmed the April surge linked to energy cost spikes. Sustained pressures threaten household budgets and could extend food price inflation.
  • Hackers used a stolen GitHub token to access and download portions of the Grafana codebase. Grafana Labs detected the activity through a canary token alert. The firm revoked the credential and added safeguards. Attackers attempted extortion by demanding payment to withhold publication. Company representatives stated customer data remained untouched. Additional security controls were implemented immediately.
  • Grafana Labs declined to pay ransom demands after the source code theft. The company focused on remediation including token revocation and enhanced monitoring. Officials confirmed no customer data was compromised. The firm followed standard guidance against engaging with extortion attempts. It communicated the event transparently to stakeholders. Refusal maintains a consistent stance against rewarding unauthorized access.
  • Microsoft confirmed installation failures for the May 2026 Windows 11 security update KB5089549. Errors such as 0x800f0922 appeared on affected devices running versions 24H2 and 25H2. Issues tied to insufficient space on the EFI System Partition. The company activated a Known Issue Rollback mechanism through server side updates. Restarts can accelerate application of corrective measures on remaining devices. Storage constraints on protected partitions created friction during the rollout.

That was your Morning Dump. See you soon.

— TNGB