President Donald Trump had the economic wind at his back at the start of the year: falling mortgage rates, relatively low inflation and cheap oil and gas.
His war with Iran threatens to undermine all of that.
The Middle East conflict could inflict deep and far-reaching economic pain on Americans – particularly if the war persists. That’s a scary thought for the millions struggling with the high cost of living, and it could present a significant political liability for Trump and Republicans in this year’s midterm elections.
No one knows how long this war will last. If the United States ends its conflict sooner rather than later, the skyrocketing oil and gas prices of the past week could quickly reverse themselves, and we could remember this period as a blip.
But Trump on Friday said that the United States wouldn’t end the war until Iran surrenders unconditionally.
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