WASHINGTON (AP) 鈥� President Donald Trump on Thursday moved to buy himself more time and hold off, once again, on carrying out a Iran鈥檚 energy plants over the Islamic Republic’s effective closure of the .
Trump said he was delaying taking potential action because talks aimed at ending are going 鈥渧ery well,” despite the fact that Iran continues to it is not negotiating with the White House on a 鈥� delivered by Pakistani intermediaries 鈥� to end the war. He said Iran had asked for the grace period.
鈥淭hey asked for seven (days),” Trump said in an appearance on Fox 草莓传媒 Channel’s 鈥淭he Five鈥� shortly after he announced on social media he would give Iran until April 6 to reopen the strait. 鈥淎nd I said, 鈥業鈥檓 going to give you 10.鈥�”
Trump publicized his decision shortly after Wall Street closed Thursday, another rocky day with since the war with Iran started. The S&P 500 dropped 1.7%, the Dow Jones Industrial Average dropped 469 points, or 1%, and the Nasdaq composite sank 2.4% to fall more than 10% below its all-time high set early this year.
Trump on Saturday 鈥� and almost immediately began vacillating.
In his initial threat, he gave Tehran 48 hours to open up the strait, a chokepoint for global oil markets. But he , saying he would give after Asian markets gyrated. Then, he punted again after Thursday’s shaky markets.
Trump’s decision follows a pattern
This was not the first time Trump has appeared to have been jostled into adjusting policy in the face of market volatility.
Last April, after implementing new tariffs that triggered the worst two-day sell-off for the S&P 500 in five years, Trump on the most severe tariffs for all countries except China.
But on Thursday, Trump bristled at the notion that his team is struggling to find an endgame to the conflict. Speaking to reporters as he met with his Cabinet, he insisted that Iran had already been 鈥渄ecisively defeated.鈥�
鈥淲e have very substantial talks going on with respect to Iran 鈥� with the right people,鈥� Trump said.
Iran had effectively dared Trump to follow through on the threat, warning it would retaliate against the region鈥檚 vital infrastructure, including if the U.S. or Israel hit its power plants. Iran also has tightened its grip on the strait, as it seeks to create something akin to a for tankers to pass through the narrow waterway.
The uncertain market reaction to Trump’s red line on the strait has left the White House struggling to shape the war’s narrative, with global investors fretting over whether 鈥� and how 鈥� the president can and reopen the critical waterway, through which about 20% of the world鈥檚 oil passes each day.
Trump warns Iranian negotiators to 鈥榞et serious鈥�
Earlier on Thursday, Trump claimed he had not decided if he would give Iran more time to fully open the strait. He said it would depend on what his negotiators 鈥� envoy Steve Witkoff, son-in-law Jared Kushner, and Vice President JD Vance 鈥� reported to him about the state of broader talks to end the war.
Trump also insisted Tehran was 鈥渂egging鈥� for a deal, while at the same time excoriating Iran鈥檚 negotiators to 鈥済et serious soon, before it’s too late.鈥�
Witkoff said the administration was focused on convincing Iran 鈥渢hat this is the inflection point with no good alternatives for them other than more death and destruction.鈥�
The told Trump’s Cabinet that the administration had received 鈥渟trong signs鈥� that peace was a possibility, and said that 鈥淚ran is looking for an off-ramp鈥� following Trump鈥檚 threat on its power plants.
The White House has downplayed the impact of the war on the economy
Meanwhile, Trump and his top aides attempted to downplay the impact of the for consumers in Asia, Europe and the United States.
鈥淚 thought the oil prices would go up more and I thought the stock market would go down more,鈥� Trump said. “Hasn鈥檛 been nearly as severe as I thought. I think they have confidence in maybe the American president and maybe the people sitting around this table.’
Trump downplayed the importance of to help protect tankers moving through the strait, saying the U.S. has 鈥渟o much oil 鈥� our country is not affected by this.鈥�
While it鈥檚 true that the United States doesn鈥檛 rely on resources moving through the strait, the price of oil is set on the global market. That has for drivers the world over, including the U.S., where the nationwide average price of gas is up more than a dollar from just a month earlier.
Treasury Secretary Scott Bessent said that Iran, by restricting oil and natural gas shipped through the strait, is 鈥渢rying to take control of the global economy through a chokepoint that we believe does not exist.鈥�
Bessent鈥檚 phrasing was misleading, as the strait is critical, especially for Asia, and energy prices have increased since the war with Iran began.
He expressed optimism that more tankers would make it through the Strait of Hormuz. 鈥淚 am confident that shipping traffic will continue to increase on a daily basis, even before we secure鈥� the strait, Bessent said.
Meanwhile, Trump continues to shift more troops to the region
Even as the White House continues to insist progress is being made in finding an endgame to the conflict, Trump continues to work to shift more troops to the Middle East.
The Pentagon is preparing to deploy at least 1,000 soldiers from the to support operations against Iran, the AP reported earlier this week. The deployment would come atop of some 5,000 Marines who are being shifted to the Mideast. Those forces are over and above the 50,000 U.S. forces already in the region.
The surge of Marines and soldiers has fed speculation that Trump is, at the very least, positioning troops to conduct limited ground strikes to secure the banks of the strait or capture , a critical part of Iran’s oil industry.
Defense experts say U.S. ground forces could certainly capture Kharg and help secure the strait, but the cost could be a war of attrition in which American lives and taxpayer money present a hefty price.
鈥淵es, we could do it, but the question isn鈥檛 can we do it?” said Mick Mulroy, a former deputy assistant secretary of defense now with the Middle East Institute in Washington. “It鈥檚 鈥� should we do it? And the best route out is going to be diplomacy. I know it鈥檚 easier said than done, but diplomacy and negotiations only work if both sides are willing to compromise.鈥�
Trump on Thursday also announced that Iran is allowing several Pakistan-flagged tankers through the strait. It’s something he hopefully suggested was a sign of good faith for the talks.
鈥淲ell, I guess we鈥檙e dealing with the right people,鈥� Trump said.
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AP writers Josh Boak, Darlene Superville, Collin Binkley and Meg Kinnard contributed to this report.
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