Axios:

President Trump's letter to Iran's Supreme Leader Ali Khamenei included a two-month deadline for reaching a new nuclear deal, one U.S. official and two sources briefed on the letter told Axios.

Why it matters: It isn't clear whether the two-month clock begins from the time the letter was delivered or from when negotiations start. But if Iran rejects Trump's outreach and doesn't negotiate, the chances of U.S. or Israeli military action against Iran's nuclear facilities would dramatically increase.

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