Frustration is building around Trump's shifting messaging on Iran and tariffs, with markets shrugging it off even as ordinary people struggle.

• 25 states are suing the Trump administration over its latest global tariffs.
• Stocks hit a record high and oil fell as Iran tensions eased again, but the on-again-off-again threats have confused allies and adversaries alike.
• The US keeps saying it's ready to strike Iran or close the Strait of Hormuz, then backs off — Gulf states like Saudi Arabia and the UAE, who profit from higher oil, keep urging a pause.
• Trump says talks with Iran are on and calls it their "last chance," a line he has used many times before.
• On the ground, high living costs, brutal heat, and job insecurity are hitting people hard, feeding demand for political change heading into the midterms.

Outlook: With primaries underway and left-wing challenger Abdul El-Sayed favored in Michigan, patience with the status quo is wearing thin as the Iran standoff drags on.