Iran Vows Retaliation After Israel Strikes Nuclear Program
Israel launched airstrikes against Iran's nuclear program and ballistic-missile sites early on Friday, a major escalation in the standoff between the two adversaries. Bloomberg's Ethan Bronner reports on the latest. (Source: Bloomberg)
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Business Insider
9 minutes ago
- Business Insider
Why 'Big Short' investor Steve Eisman thinks the Israel-Iran conflict is good news for markets
Famed investor Steve Eisman said sees a silver lining to the conflict between Israel and Iran, which has rattled markets as it stretches into its fifth day on Tuesday. The investor, best-known for his bet against the US housing market preceding the 2008 financial crisis, said he believed developments unfolding between the two nations were potentially "extremely positive" for the stock market and the world. That's because he believes that, had there been no conflict between Israel and Iran this month, Iran would be closer to developing a nuclear weapon, Eisman said. That could result in other countries in the region gaining access to nuclear weaponry or building up nuclear weapons in response, which would have been a "disaster," he told CNBC on Tuesday. "And unfortunately Iran is run by, the only way you can call it is a death cult," Eisman said. "So, getting rid of a death cult anywhere on planet earth, I think, is a very positive thing, especially when that death cult is close to getting nuclear weapons." Eisman said he believed markets have started to digest the positive implications of the conflict. US stocks sank and oil prices spiked shortly after Israel first attacked Iran, but the market reaction has been more muted since, despite tensions creeping higher. US stocks were relatively flat on Tuesday, despite President Donald Trump leaving the G7 summit early to deal with conflict in the Middle East and stating on Truth Social that everyone "should immediately evacuate Tehran." "Now it's focused on it," he said of the latest market reaction to recent developments. "I think it's potentially unbelievably positive." Eisman's comments on conflicts in the Middle East have previously drawn criticism. Last year, Eisman was placed on leave from Neuberger Berman after he posted on X that the world was "celebrating" the death toll in Gaza. Eisman later wrote that the post was a "mistake" and deleted his X account. Eisman added that while the Israel-Iran conflict could ultimately be a positive for markets, the potential for a wider trade war from Trump's tariffs is one big thing he's worried about. "If we reach deals with all these countries and there's no trade war, I'm very positive on the US economy long-term, and I would be very positive on the market. If there's a trade war, chances are we go into a global recession," he said.
Fast Company
25 minutes ago
- Fast Company
Trump leaves Canada's G7 summit early as Israel-Iran conflict intensifies
Six of the Group of Seven leaders are trying on the final day of their summit Tuesday to show the wealthy nations' club still has the clout to shape world events despite the early departure of U.S. President Donald Trump. Canadian Prime Minister Mark Carney and his counterparts from the U.K., France, Germany, Italy and Japan will be joined by Ukrainian President Volodymyr Zelenskyy and NATO chief Mark Rutte to discuss Russia's relentless war on its neighbor. World leaders had gathered in Canada with the specific goal of helping to defuse a series of pressure points, only to be disrupted by a showdown over Iran's nuclear program that could escalate in dangerous and uncontrollable ways. Israel launched an aerial bombardment campaign against Iran on Friday, and Iran has hit back with missiles and drones. Trump left the summit in the Canadian Rocky Mountain resort of Kananaskis a day early late Monday, saying: 'I have to be back, very important.' As conflict between Israel and Iran intensified, he declared that Tehran should be evacuated 'immediately'—while also expressing optimism about a deal to stop the violence. Before leaving, Trump joined the other leaders in issuing a statement saying Iran 'can never have a nuclear weapon' and calling for a 'de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.' Getting unanimity—even on a short and broadly worded statement—was a modest measure of success for the group. At the summit, Trump warned that Tehran must curb its nuclear program before it's 'too late.' He said Iranian leaders would 'like to talk' but they had already had 60 days to reach an agreement on their nuclear ambitions and failed to do so before the Israeli aerial assault began. 'They have to make a deal,' he said. Asked what it would take for the U.S. to get involved in the conflict militarily, Trump said Monday morning, 'I don't want to talk about that.' But by Monday afternoon, Trump warned ominously on social media, 'Everyone should immediately evacuate Tehran!' Shortly after that, Trump decided to leave the summit and skip a series of Tuesday meetings that would address the war in Ukraine and trade issues. The sudden departure only heightened the drama of a world that seems on verge of several firestorms. Trump already has imposed severe tariffs on multiple nations that risk a global economic slowdown. There has been little progress on settling the wars in Ukraine and Gaza. Trump's stance on Ukraine puts him fundamentally at odds with the other G7 leaders, who back Ukraine and are clear that Russia is the aggressor in the war. The U.S. president on Monday suggested there would have been no war if G7 members hadn't expelled Putin from the organization in 2014 for annexing Crimea. Trump on Monday demurred when asked if he supported Russia, saying 'I only care about saving lives.' With talks on ending the war at an impasse, Starmer said Britain and other G7 members were slapping new tariffs on Russia in a bid to get it to the ceasefire negotiating table. Zelenskyy is due to attend the summit Tuesday at Carney's invitation, along with other leaders including Rutte and Indian Prime Minister Narendra Modi. Trump declined to join in the sanctions on Russia, saying he would wait until Europe did so first. 'When I sanction a country, that costs the U.S. a lot of money, a tremendous amount of money,' he said. Trump had been scheduled before his departure to meet with Zelenskyy and with Mexican President Claudia Sheinbaum. On the Middle East, Merz told reporters that Germany was planning to draw up a final communique proposal on the Israel-Iran conflict that will stress that 'Iran must under no circumstances be allowed to acquire nuclear weapons-capable material.' Trump also seemed to put a greater priority on addressing his grievances with other nations' trade policies than on collaboration with G7 allies. The U.S. president has imposed 50% tariffs on steel and aluminum as well as 25% tariffs on autos. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire. He announced with Starmer that they had signed a trade framework Monday that was previously announced in May, with Trump saying that British trade was 'very well protected' because 'I like them, that's why. That's their ultimate protection.'
New York Times
25 minutes ago
- New York Times
Trump is offering mixed messages on the Israel-Iran war.
President Trump has offered mixed messages since Israel launched its military campaign against Iran last week, vacillating from a hands-off approach to embracing diplomacy to at times suggesting that he was weighing further U.S. involvement. The contradictory comments have left a trail of confusion as Israelis, Iranians, and the broader Middle East try to understand whether the biggest conflict between Israel and Iran in history would escalate further and whether Mr. Trump, long opposed to foreign wars, would plunge the United States into one. 'It's very puzzling,' said Shira Efron, director of research at Israel Policy Forum, a New York-based research group. 'You're seeing him say one thing and then another.' On Friday, the first day of the war, Mr. Trump initially called Israel's attacks 'excellent' and 'very successful,' but he also said that he believed a diplomatic solution between Israel and Iran was possible. 'There has already been great death and destruction, but there is still time to make this slaughter, with the next already planned attacks being even more brutal, come to an end,' the president said. 'Iran must make a deal, before there is nothing left.' The following day, Mr. Trump recounted a call with President Vladimir V. Putin of Russia, saying that both he and Mr. Putin said the battle between Israel and Iran should end. And on Sunday, he reinforced his stated position by saying Israel and Iran should make a deal. Want all of The Times? Subscribe.
