Economist and former Secretary of Labor Robert Reich on Saturday criticized President Donald Trump‘s approach to the war in Iran, saying that the situation in the Middle East has raised doubts among Trump’s core MAGA supporter base.
An Important Lesson
In an episode of Reich’s podcast “The Coffee Klatch,” the economist shared that Iran had figured out “how to trump Trump,” adding that the country was engaged in “asymmetrical warfare.” Reich also said that Trump’s decision to impose a blockade on the Strait of Hormuz for Iranian ships has resulted in Iran blocking all ships and that time was on Iran’s side.
“Trump is saying, I have all the time in the world. No, he does not,” Reich said. “This is actually, I think, the most important lesson of the week,” he said, adding that Trump was facing a clock and that clock was “clearly the midterms.” Reich outlined how Trump’s “MAGA base is cracking up” because of the situation in the Middle East, as Trump had promised no more wars.
The economist also said that the President was “beside himself” and had “kind of lost it,” citing a Wall Street Journal report that said Trump had been kept out of the war room. Reich said it happened due to Trump not being able to keep his “equanimity.”
Gas, Oil Surge
The comments come as gasoline prices across the U.S. continued to hover around the $4 mark, with data from the American Automobile Association (AAA) showing that the national average price for a gallon of gasoline was $4.099 on Sunday.
Meanwhile, at the time of writing this article, Brent crude oil was around $107.6/barrel and the West Texas Intermediate (WTI) crude commanded a price of $96.17/barrel. The United States Oil Fund (NYSE:USO), which tracks WTI crude oil, surged 0.15% to $132.60 during the after-hours trading on Friday.
Peter Schiff’s Market Manipulation Allegations
Investor Peter Schiff had earlier accused the Trump administration of insider trading and market manipulation after a bet of $760 million against oil surfaced minutes before Iran’s announcement that it was reopening the Strait of Hormuz. The well-timed nature of the bets has invited scrutiny.
Similar trades in the past have raised questions about insider trading within the Trump camp, with Rep. Sam Liccardo (D-Calif.) alleging traders had advanced knowledge of policy decisions, in a letter addressed to the Securities and Exchange Commission Chair Paul Atkins.
Trump Cancels Islamabad Trip
Meanwhile, Trump canceled a trip for his representatives to Pakistan’s capital, Islamabad, where they were set to hold talks with officials from Iran. Trump cited "confusion" and "infighting" among the Iranian leadership. He also described how the U.S. has “all the cards” in the negotiations with the Iranians.
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