Trump threatens Iran with more bombing as U.S. missile stockpiles decline, the Strait of Hormuz slams shut, and there’s no endgame in sight

Good morning. On Fortune’s radar today:

• Markets: Up, mostly.
• Trump threatens more bombing.
• The Strait of Hormuz slams shut.
• U.S. missile stockpiles are dwindling.
• No one knows what the endgame is.
• China’s export trade shrugs off U.S. tariffs.
• What jobs do illegal immigrants actually do? 
• Apple’s super-spicy gossip about OpenAI.

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This story was originally featured on Fortune.com