Iran said it’s awaiting a definitive US response to a seven-day proposal for reopening the crucial Strait of Hormuz but won’t soften its conditions, after President Donald Trump voiced his rejection. Iranian President Masoud Pezeshkian said his country wouldn’t allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place.

Also this weekend, UK Prime Minister Andy Burnham has signaled he will set out proposals to introduce new levies to pay for a reformed social care service. Speaking at the start of his party’s annual conference in Liverpool, Burnham pledged that he would begin to give more detail in the coming days, saying he would outline a comprehensive plan to voters ahead of the next general election, which has to be held before August 2029. In the interim he pledged to maintain Labour’s manifesto commitments not to increase income tax or tax on employees’ national insurance contributions.

On today's show, Bloomberg This Weekend hosts David Gura and Christina Ruffini speak with:

- Michelle Jamrisko, Bloomberg News White House & National Security Editor, on the latest between the US and Iran as indirect talks in New York failed to overcome disagreements over sanctions, the US blockade, and the Strait of Hormuz.

- Rep. Don Beyer, (D-VA) who serves on the Ways and Means Committee and Co-Chairof AI Caucus, on the recent AI incidents that have increased the urgency for federal safeguards.

- Daybreak Europe Anchor Caroline Hepker, on what to expect from UK Prime Minister Andy Burnham's first Labour Party conference as leader.

- Bryan Pietsch, Bloomberg News, Washington DC Breaking News Editor, on how the Kennedy Center's closure has displaced its musicians.

- David Rubenstein, The Carlyle Group, Co-Founder and Host of “The David Rubenstein Show,” on his new book "Inside the Owner's Box"

For more conversations like this, watch and listen to Bloomberg This Weekend live on Saturdays and Sundays from 7AM-10AM ET. Watch on Bloomberg Television, listen on Bloomberg Radio and stream the show live on the Bloomberg Business app and Bloomberg.com/video.