This week marked Cinco de Mayo, the Mexican celebration of a 19th century military victory over the French. US President Donald Trump seems to have taken on a south-of-the-border vibe, ordering both a Taco and a Nacho.
Of course, the Taco refers to Trump Always Chickens Out, the nickname stock market traders bestowed on him after he unveiled a host of tariffs last year, only to ease them as markets plunged.
In the time since, I've lost count of how frequently he's walked us to the brink – only to back away. Remember when he threatened to wipe out Iran and its “whole civilisation” last month? He backed off, provided Iran reopen the Strait of Hormuz, which of course it didn't.
A new acronym, again coined by traders, is Nacho – Not A Chance Hormuz Opens – referring to the repeated promises the vital waterway will be reopened, only for hopes to be dashed.
This week was a case in point. On Monday, Mr Trump announced the launch of Project Freedom to much fanfare, promising that the US military would free hundreds of ships stranded on either side of the Strait of Hormuz.
Pentagon chief Pete Hegseth on Tuesday described it as a “direct gift” to the rest of the world from the US, which is creating a “red, white and blue dome” of protection over the region.
Less than 12 hours later, Mr Trump abandoned ship, after only a handful of vessels had crossed the strait.
He said Project Freedom would be “paused for a short period of time” to see whether the US and Iran could make a deal, leading many of us wondering whether it was Taco Tuesday, with a Nacho on the side.
Perhaps Mr Trump meant it when he said the pause was to allow for yet more time to make a deal. But a key factor in his decision to abandon the project appears to be Saudi Arabia's reported refusal to allow the US military to use its airbases and airspace to assist in the operation.
The Wall Street Journal on Thursday reported that Saudi Arabia – along with Kuwait – have now agreed to lift the restrictions.
That means Mr Trump now has more options if he wants to restart Project Freedom and help vessels cross the waterway. The initiative could be back on again, within days.
Things change fast in the Iran war, yet somehow everything remains the same. The Strait of Hormuz is still shut.
On Wednesday, the President said in a post on Truth Social that the Iran war would soon officially be over, assuming Iran agrees to US demands. But there seems to be little evidence the hardline regime is imminently willing to do so.
“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” Mr Trump wrote.
The question is, does anyone in Tehran believe him?
