Middle east

“I love inflation,” said Donald Trump earlier this month, when asked about the latest increase in the Consumer Prices Index to an annualized 4.2 percent. But the power of the President’s positive thinking cannot overwhelm the enormous threat that rising prices pose to his legacy. The new figure is more than an inconvenience or a technicality. It could bring about a sharp change in the political order. Rising costs will likely prove to be Trump’s undoing and present the Democrats with a free hit for November’s midterms and beyond. There was one reason above all others why Trump returned to the White House in 2024: high inflation during the Biden years. His 2016 slogan, “Make America Great Again,” morphed into “Make America Affordable Again.

The New York Knicks may have lost Game 3 of the NBA Finals, but President Trump was still in a somewhat buoyant mood. Negotiations with Iran were going swimmingly, Trump claimed to reporters as he was headed back to Washington, so much so that an agreement could be reached in two or three days.  Two days later, though, and a deal remains just as elusive today as it was last week and the week before that. In fact, not only is diplomacy apparently stuck, but the United States and Iran are increasingly taking shots at each other. The April 8 ceasefire is still in effect but resting on weaker foundations.

When is a ceasefire not a ceasefire? When the person declaring it is Donald Trump. Opinions differ about the wisdom of the President’s activities with respect to Iran. Some observers tell us he is playing four-dimensional chess. Some say it more like checkers with no kings. What, after all, is he up to? The commentariat proffers several conflicting narratives. The one common thread is the certainty with which these opinions are uttered. Trump is an idiot. Trump is a genius. For those who say that he has thrown in the towel – that Iran has “won” – I’d offer two observations.

Will America’s ground invasion of Iran begin in the early hours of tomorrow? Everybody knows, by now, that Trump likes to initiate action late on Fridays, after the markets close. And late last night, the so-called Pentagon Pizza Watch channel – which monitors late-night food orders from the Pentagon for evidence that something big is afoot – reported a surge of activity, leading to all sorts of prediction-market bets that a new military operation would start this weekend. Of course, with so much money to be made on war gambling – there’s now a Polymarket "situation room" bar in Washington, DC – the odds of someone trying to dupe the markets are short.

The energy price surge caused by war in the Middle East has sent shockwaves through Westminster. It has pushed up inflation and the cost of borrowing, causing panic in the cabinet and the recognition that government intervention could be needed on a vast scale to support the cost of living. The Prime Minister told a private audience: ‘The assumption that the growth of the developed countries can proceed steadily on the basis of cheap energy has been shattered almost overnight.’ He further observed: ‘The problem is not simply one of inflation. It is the whole structure of the economy.’ In the Treasury there is something approaching a siege mentality. The Chancellor has ‘to spend [her] time firefighting’.

Readers may disagree with the cover line of this issue. Pronouncing “the end of Trumpism” feels somewhat similar to declaring “the end of history” – a provocative, albeit less grandiose, statement that risks being mocked in the near future. We should start by saying we hope that we are wrong. Trumpism, as this magazine understands it, has been a boon to America. As Christopher Caldwell argues, the rise of Donald Trump was a healthy democratic response to a fetid political system. On many fronts, the Trump administration, now in its second and more dynamic term, has made great progress. It has fought illegal immigration with vigor.

MAHA ("Make America Healthy Again") is not a foreign policy doctrine, nor should it become one. Nevertheless this week the movement experienced a split with some members urging Congress to introduce a war powers resolution to curb US military action in Iran. But they should be aware that mission creep – the gradual expansion of objectives beyond the original scope – has derailed many well-intentioned efforts in Washington. For MAHA to entangle itself in the complexities of the Iran war risks diluting its message and alienating supporters who joined for healthier schools, cleaner water and safer vaccines.