The Art of the Non-Deal

Francis Fukuyama: “It is clear that Trump is being driven to reopen the Strait of Hormuz at virtually any cost by the domestic pressure from rising oil prices and inflation. Being unwilling to send ground forces to Iran, he has had few cards to play over the past six weeks to get further Iranian concessions. So he has chosen to back down and accept a return to the status quo ante from before he began the war on February 28.”

“The world will indeed be better off if the Strait is re-opened. Perhaps Trump’s hardcore MAGA supporters can be persuaded that he has negotiated a consummate deal and achieved a great victory. But everyone else will understand that the world’s most powerful country is being run by a feckless and ignorant president who will impose immense costs on both other countries and his own people if he thinks it will benefit himself.”