Wars, unlike illegal tariffs, cannot be switched on and off to meet a president’s whims or to permanently shore up free-falling markets.
So the key question following President Donald Trump’s suspension of threatened strikes against Iran’s power plants is not whether he’s had another TACO (“Trump always chickens out”) moment.
It’s whether Trump can get out of his war on Iran, even if he wants to.
After days of oscillating rhetoric, Trump signaled a first potential de-escalation in the conflict Monday, when he cited 15 points of agreement in what he said were productive talks with Iran. Tehran said there’d been no dialogue.
The most hopeful spin on the latest developments is that US and Iran have both reached a point where the cost of climbing the escalation ladder would be so horrific that both need a way out. Such epiphanies can begin to end wars.
Trump had dragged the enemies to the brink by threatening to bomb Iran’s power plants if it didn’t open the Strait of Hormuz, a chokepoint for oil exports. Tehran had promised to retaliate by torching vital infrastructure in US-allied Gulf states. The conflagration could have set off a global recession and worsened dire humanitarian conditions for the very Iranian civilians Trump pledged to help.
But there are many reasons for skepticism that a breakthrough is imminent.
Days of erratic, contradictory rhetoric from Trump and the administration’s inability to cite a consistent rationale for the war or to plot an exit strategy mean that any single US statement lacks credibility.
The president’s habit of bombing during his own deadlines in Iran mean no one would be surprised if he broke his own five-day moratorium on striking the country’s power plants.
Some cynics also note that the president’s pause will last throughout the trading week on global markets. With stock futures tumbling and oil prices soaring coming out of the weekend, was he simply seeking to stitch a cushion of market stability?
It wouldn’t be the first time that official statements seemed aimed at taming volatility. And it worked again: The Dow, the S&P 500 and the Nasdaq all rose over 1% Monday, while Brent crude, the global oil benchmark, fell 11%. US drivers will hope for a break at the gasoline pumps.