Canadian Prime Minister Mark Carney: We are negotiating a free trade agreement with India. This will bring significant changes to Canadian workers and businesses, opening up a huge new market.

China & Diplomacy - Chinese President Xi Jinping met with Pakistani Prime Minister. -PBOC Governor Pan met with France C.Bank Governor. - China on no heavy rare earth exports to Japan for four months: Beijing bans dual-use exports to Japanese military users and military purposes in accordance with laws and regulations, with the aim of preventing Japan’s “remilitarization” and nuclear ambitions. Technology & Corporate - Huawei introduced its semiconductor “Tau Law,” projecting that transistor density for advanced chips based on the framework could reach equivalent levels to a 1.4-nanometer process node by 2031. - Unitree will face a Shanghai STAR Market IPO review on June 1. - Labor union representing non-chip employees at Samsung Electronics applied to suspend a wage-related vote - Yonhap Markets & Commodities - Italy’s stock market hit its first new high in 26 years. - World’s largest bauxite producer Guinea is set to announce export control measures in June. Middle East & US-Iran Talks Iran - Iran’s Foreign Ministry said Tehran will not impose transit fees on shipping through the Strait of Hormuz. - Iran said a negotiation framework has been reached with the US, though no one can claim a final agreement is imminent. Tehran also said a potential memorandum of understanding contains no specific details on Strait of Hormuz management. - Iran’s Foreign Ministry said there are currently no plans to send a delegation to Pakistan. - Iranian media reported neither Tehran nor Washington made commitments on nuclear issues in the draft agreement. - Iran’s delegation concluded talks in Qatar and will return to Tehran. - Mohammad Bagher Qalibaf was re-elected as speaker of Iran’s parliament. United States - Trump said negotiations with Iran are progressing well and called on more Middle Eastern countries to join the Abraham Accords. - Trump said Iran’s enriched uranium must either be transferred to the US or destroyed. - Rubio said Washington and Tehran have developed a “credible plan” regarding reopening the Strait of Hormuz and Iran’s nuclear program. - US officials said Washington and Tehran are working to resolve wording differences related to nuclear issues and sanctions.

Iran Foreign Ministry Spokesman Says Washington May Not Honor Commitments; Will Ignore Threats, Protect National Interests