Your Morning: Trump, Iranian officials exchange threats

‘Locked and loaded’: President Donald Trump and top Iranian officials traded barbs this morning over deadly economic protests in parts of the Islamic Republic. The exchanged threats mark escalating tensions between the countries after the U.S. bombed Iranian nuclear sites in June. Details >

Trump: The president warned Iran on social media that if it “violently kills peaceful protesters,” the U.S. “will come to their rescue.” He added: “We are locked and loaded and ready to go.” At least seven people have been killed so far in the violence. Read more >

Iran: The secretary of Iran’s Supreme National Security Council alleged the U.S. and Israel were encouraging the demonstrations, and an adviser to Iran’s supreme leader warned that “any interventionist hand that gets too close to the security of Iran will be cut.” Details >

Fraud fallout: Nearly 7,000 borrowers in Minnesota have been suspended for suspected fraudulent activities, Small Business Administrator Kelly Loeffler said. In total, the borrowers were approved for 7,900 loans worth approximately $400 million, she added. What we know >

Housing: Investigations into alleged fraud in Minnesota’s social service programs have expanded into housing. “We have boots on the ground right now,” HUD Secretary Scott Turner said in an interview, adding that investigations into public housing in Minnesota are ongoing. Details >

Child care: The Trump administration also announced it is suspending certain child care funds to the state as the sweeping federal probe into the fraud allegations continues. The latest >

Deadly fire: Grace Rocoffort de Vinnière was on her way home from a New Year’s Eve party when she witnessed the aftermath of the Swiss Alps bar fire. “My friend and I looked at each other, and we said wow…there’s something really bad going on,” she told NewsNation. The interview >

Bar blaze: The chaos had been triggered by a fire inside Le Constellation bar, which killed at least 40 people and injured 115 others. Officials are still determining the exact number of casualties, and the cause of the fire remains under investigation. Details >

Orders revoked: New York City Mayor Zohran Mamdani signed a flurry of executive orders on his first day in office, including one to cancel most executive orders issued by former Mayor Eric Adams following his indictment. Mamdani’s proposals by the numbers >

Refresh: A federal grand jury indicted Adams on corruption charges in September 2024 on accusations he took money from Turkey to help facilitate a Turkish consulate in the city. The case was eventually dropped by the Justice Department. Details >

Drug prices: The cost of at least 350 drugs in the U.S. is expected to increase this year, according to new data from a health care research firm. The median price hike hovers at around four percent. The latest >

Drugmakers: The analysis comes after the Trump administration enforced its Most Favored Nation policy on more than a dozen drugmakers, procuring agreements they will offer medications at the same price as the lowest they sell it globally. Read more >