Economist and Echelon Wealth Partners co-founder Peter Schiff has criticized President Donald Trump‘s handling of the Iran war following the recent escalation in tensions between Washington and Tehran over the passage of ships through the Strait of Hormuz.
Trillions Spent, Lives Lost
On Wednesday, Schiff took to the social media platform X, expressing his dissatisfaction with the situation in the Middle East. “It seems like our goal with the Iran war is to get back to the status quo that existed before we started it, only with higher oil prices,” the investor said.
He added that the “main difference” between the situation before February 28, when a joint U.S.-Israeli operation led to the death of Iran’s former Supreme Leader Ayatollah Ali Khamenei, and the present day was that “lives will have been lost.”
He also pointed towards property damage caused by the war. Schiff also said that the situation, in the long run, has led to “over a trillion dollars borrowed and spent.”
Tensions escalated between the two countries as Iran struck vessels in the Strait of Hormuz, warning ships against traversing through the waterway using any other route besides the one designated by the Iranian authorities.
Trump Says Ceasefire is Over, Iran Reaffirms Authority Over Strait of Hormuz
On Wednesday, Trump spoke to the media during the North Atlantic Treaty Organization (NATO) Summit in Ankara, Turkey, saying that the ceasefire with Iran was “over.” The President also criticized the Iranian government, arguing that negotiations were a waste of time.
Meanwhile, Iran’s Speaker of the Parliament, Mohammad Bagher Ghalibaf, reaffirmed Tehran’s authority over the Strait of Hormuz, while the country’s Foreign Ministry spokesperson said that the U.S. had violated the Memorandum of Understanding (MoU).
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Photo courtesy: Shutterstock/ Saulo Ferreira Angelo
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