Economists Peter Schiff and Robert Reich delivered sharp criticism of President Donald Trump‘s deal with Tehran to reopen the Strait of Hormuz on Monday, slamming the heightened costs and lives lost in the Iran war.
Peter Schiff Questions Iran Deal
In a post on X, Schiff said that Washington and Tehran had reached a “deal to work on a deal,” adding that the agreement stipulates a ceasefire and the reopening of the Strait of Hormuz “during the next 60 days.”
The Echelon Wealth Partners co-founder then said that the situation was returning to how it was before the war, but said that “lives have been lost, oil is far more expensive, and about $100B has been spent.”
Robert Reich Laments ‘Terrible Failure’
In a post on X, Reich shared a video of himself expressing disappointment with the agreement. He said that the Trump administration had signed a “Memorandum of Understanding” with the Iranian government, which entails a reopening of the Strait of Hormuz and a ceasefire with Iran.
“At best, the agreement Trump is touting restores the status quo to where it was before he decided to bomb Iran,” Reich said. He then said that the agreement does not solve the nuclear issues, which are still to be “negotiated over the next two months.”
Reich then pointed to Trump revoking the 2015 Iran nuclear deal reached under former President Barack Obama that limited Iran’s nuclear ambitions.
“Iran is now under the control of a more extremist regime than when Trump started this war,” Reich said, after asking what was achieved with the Iran war.
He added that oil prices had surged and that food prices were up due to the fertilizer shortage caused by the closure of the Strait of Hormuz.
Echoing Schiff’s comments, Reich said that the war cost the U.S. an “estimated $100 billion,” which was a “conservative estimate.” Reich also said that the war resulted in the deaths of 120 Iranian school children and 13 American troops.
“This doesn’t look like a victory,” the economist said, adding that the agreement was a “terrible failure” compared to the position of the U.S. before February 28.
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