Browsing: As always

    The US-Iran memorandum of understanding (MOU) has now been revealed, and it is clear why it took days before a US official read it out to reporters in advance of the signing ceremony. The deal commits the US to steps Trump vowed never to take, while for Iran there is much to celebrate despite the scale of destruction by US bombs. In a word, Iran retains the leverage it discovered it has always had—closure of the Strait of Hormuz—plus future economic benefits that will strengthen the regime.

     Donald Trump thinks the world of tariffs. “Tariffs are the greatest thing ever invented,” Trump said in September at a town hall event in Michigan. On another occasion he said “tariff” is the most beautiful word in the English language. Hmm. And he really has had a love affair with tariffs. After all, they mark his entry into national politics. Back in the mid-1980s, his one big gripe was the trade deficit with Japan. Then China became the target, and while president, Trump kept raising tariffs with China in the belief China would bend a knee and surrender. It didn’t, and Biden has been stuck in a tariff war ever since.