Advertisement
It’s TACO Monday. Originally from the Trump-friendly Axios and reported by Bloomy:
- US President Donald Trump said he’s holding off from new strikes on Iran after Tehran and other Middle Eastern powers told him they’re working on an agreement that might quickly reopen the Strait of Hormuz.
- Trump agreed to cancel the attack “subject to being able to rapidly make a DEAL” and said the deal would include the “Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat”.
- The announcement comes after days of escalating tensions and follows reports that Saudi Arabian Crown Prince Mohammed bin Salman and others had urged Trump to refrain from new strikes and instead pursue dialog to deescalate tensions.
Iran has hardened its position on Hormuz since Trump threw away the MOU. It is now demanding total control of all shipping entering the Gulf and shared control with Oman for those exiting.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
Advertisement