Friday Focus: Trump has no good options in Iran and the NDP leans into left-wing populism

The U.S. president’s recent speech from the White House has sparked international alarm, with analysts warning that his vague, incoherent rhetoric about military options in the Strait of Hormuz—such as suggesting allies could 'seize the straits and take the oil'—amounts to a dangerous strategic miscalculation. Roger Griffiths and Janice Chaffey argue that these statements, delivered in a flip manner, undermine U.S. credibility and signal a retreat from its historic role as guarantor of global sea lanes. The real threat isn't just military escalation, but a geopolitical shift: if Iran controls the strait and China provides de facto support, the U.S. risks ceding strategic dominance in the 21st century. Even more alarming, Iran may impose tolls on shipping—potentially in non-dollar currencies—while China, despite its close ties to Iran, would likely avoid public association with a toll regime to protect its own global trade. Meanwhile, markets remain strangely resilient despite war escalation, oil surging past $100, and clear signs of inflationary pressure. This disconnect raises urgent questions: why are financial markets reacting to a president now widely dismissed as unreliable? And what happens when inflation returns with a vengeance, potentially fueling right-wing populism across the West? The episode closes with a stark warning: the center may not hold if economic instability returns without a coherent policy response.