White House Shrugs Off Shaky Economy as War Exceeds Trump’s Timeline
Stocks may be soaring again, but the war in Iran has started to pinch the finances of many Americans.
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Stocks may be soaring again, but the war in Iran has started to pinch the finances of many Americans.
The conflict could also fuel another bout of inflation, according to the International Monetary Fund.
President Trump faces the possibility that at the end of his own two-to-three week window for wrapping up the war in Iran, nothing much will have changed.
As the White House prepares to release its 2027 budget, President Trump said military protection, not social programs, took precedence.
President Trump did not define a clear path out of the conflict, which he estimated would end within three weeks.
The interconnectedness of global energy markets means that the effects of Iran’s blockade of the waterway are not limited to countries directly dependent on oil from the Middle East.
Iran continued to retaliate across the region on Tuesday but markets saw hopes that fighting might ebb. Israel said it would occupy a large chunk of Lebanon even after the war ends.
The effects of the war in Iran are squeezing consumers, businesses and governments around the world, raising the prices of many essential goods.
The war in the Middle East risks worsening an inflation problem that the Federal Reserve has struggled for years to subdue.
While the president has promised rapid relief, Americans could feel the financial sting of the conflict for some time after it ends.