Bloomberg's Dan Williams reports on the US announcement that phase two of President Trump's 20-point Gaza peace plan is launching, which would move the enclave from ceasefire toward demilitarization, technocratic governance and reconstruction. He notes the announcement was overshadowed by the Iran crisis but welcomed by mediators Turkey, Qatar and Egypt as well as Palestinian factions including Hamas, while Israel responded more cautiously. Key unresolved issues remain, notably Hamas's refusal to disarm and its failure to return the last of about 250 hostages taken in the October 7, 2023 attack, though the ceasefire is still holding more than three months on.