Donald Trump initiated the 'Project Freedom' operation to liberate ships stranded in the Strait of Hormuz, prompting Iran to denounce it as a violation of the ceasefire. Iran presented a 14-point proposal for a ceasefire, but Trump rejected it, stating he wouldn't accept it due to Iran's past actions. Negotiations for a permanent ceasefire between the US and Iran are ongoing amidst escalating tensions in the Strait of Hormuz.