Trump's DC makeover advances as Iran agenda stalls
SPY•Middle East agenda slows as war drags on
But outside of Washington, and especially in the Middle East, Trump's agenda is moving much more slowly.
Shipping traffic in the vital Strait of Hormuz is a fraction of what it was before the war, with Iran which is nearing its six-month mark. On Monday, Jared Kushner, Trump's son-in-law and unofficial U.S. envoy, said negotiations with Tehran were "probably more robust than it's maybe ever been." By Tuesday, Trump denied any talks were ongoing or even scheduled.
Global borrowing costs, including in the U.S., fluttered near multi-decade highs in part because of inflation caused by the war. The U.S.'s public debt eclipsed the $40 trillion mark. Higher inflation and interest rates have made recent U.S. borrowing more expensive. Amid all of that, polling this week showed Trump's approval rating at its lowest in his second term.
