Trump says no need for Iran deal amid corruption focus

S&P 500 futures reached a session trough, down 0.75%, after Trump quashed any discussion of an agreement with Iran.

There had been reports that direct talks between Iran and Vice President JD Vance could occur soon, but Trump appears to have ruled out that approach. He wrote:

I have asked Vice President Vance to focus his complete and total attention on the Massive Corruption and Crime taking place in Democrat run Cities and States throughout the U.S. The Blue States, such as Minnesota, California, Illinois, and many more, are all poorly run, corrupt disasters. Billions of Dollars is being stolen each and every month. Our Budget could be quickly BALANCED with the correction of this large scale criminal activity. CORRUPTION is in the Democrat Leadership’s blood! We don’t need a deal with Iran. Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait! Thank you for your attention to this matter. President DJT

Earlier reports had indicated Trump was inclined to maintain the status quo in Iran, where the US military runs a convoy and Iran occasionally attacks tankers. The US is also stepping up its ground-based blockade against Iran.

This amounts to a siege now, and we will have to see how it develops. However, the oil market is certainly tighter than it would be if Iranian oil and Hormuz oil could flow freely.

Trump’s focus on corruption in his statement is notable, as this issue was frequently cited by voters in the midterms. Trump appears to be trying to turn that criticism back on Democrats.

Earlier today, Trump also returned to a familiar theme, threatening Mexico with tariffs over illegal immigrants.

Here we go again! With the perceived loss by the Republicans in the Midterms - I WAS NOT ON THE BALLOT- the INVASION of our Country is taking place again. Huge CARAVANS are forming and beginning their illegal march through Mexico. Many of the people in these Caravans are those that various countries don’t want - “Send them to America,” they say - But they will not be accepted! MEXICO MUST STOP THEM, NOW, and if they do not do so, the Tariffs on Mexico will be IMMEDIATELY DOUBLED. MEXICO, THE GOVERNOR OF TEXAS, THE VERY LIBERAL NEW GOVERNOR OF TEXAS, OUR GREAT BORDER PATROL, & ICE, HAVE BEEN SO INFORMED. There will be no leniency! Thank you for your attention to this matter.

Trump is also pushing the Senate to pass a voter ID act.

Oil has risen about 1% since Trump’s comments on Iran.