Trump says U.S. de-escalating Iran tensions, opting for economic pressure

President Donald Trump said the United States is taking it easy with Iran, prioritizing economic pressure over further military strikes. "We are taking it easy," Trump told Axios in a brief phone call. This comes after a week of escalating threats against Iran, followed by a pivot toward seeking a deal to end the conflict that began Feb. 28.

Trump appeared unfazed by Iran's delays in reaching an agreement to reopen the Strait of Hormuz. Iran insists the U.S. must first lift sanctions and end the blockade of its ports, as outlined in a June understanding. Iran's blockade of the strait has driven up global fuel prices and impacted the world economy, adding pressure on the Trump administration ahead of the November midterm elections.

"We are only halfway negotiating with them. We are just watching Iran, with its huge inflation and the fact that they have no money," Trump was quoted as saying. He also noted that falling oil prices are lessening the war's impact on American consumers. "Everything will work out. It always works out. It's like a chess game," Trump said regarding U.S.-Iran relations.

Meanwhile, Iran's Foreign Minister, Abbas Araghchi, reaffirmed that the country is not negotiating with the U.S. and has no intention of resuming talks while Washington violates the June understanding. "We have no negotiations with the United States now," Araghchi told reporters, adding that "as long as the U.S. violations of the understanding do not end and Washington does not compensate for what it has breached, from our point of view, there is no possibility of resuming negotiations." However, he acknowledged that intermediaries are still trying to find ways to re-establish dialogue, according to Tasnim news agency.