The Biden administration is starting to implement a novel approach towards Iran, which is a key foreign policy priority. Last week's US air strike in Syria demonstrates that the numerous commentators who claimed to fully understand US President Joe Biden's policy in advance have been jumping to unfounded conclusions. They appear to have been badly mistaken.
In 2016, former president Donald Trump made strident opposition to his predecessor Barack Obama's participation in the nuclear agreement between six major international powers and Iran a theme of his candidacy. With typical hyperbole he called it “horrible” and "the worst deal in history".
He said the same things about the North American Free Trade Agreement, the Trans-Pacific Partnership, the Paris climate protocol and several other major accords. But Mr Trump and his allies had a particular antipathy for the JCPOA nuclear deal, and in May 2018 he withdrew the US from it all together.
The aftermath of recent US air strikes on a small group of buildings at an unofficial crossing at the Syria-Iraq border near Al Qaim, Iraq. AFP
Last year, in stark contrast, Mr Biden, who had served as Mr Obama's vice president for eight years, ran in opposition to Mr Trump's disavowal of the pact. He vowed to seek an early return to the deal, while conceding that it had flaws and limitations. Mr Biden agreed that additional understandings regarding timetables, sunsets, missile development and support for violent extremist groups are all required.
Many observers – both in the US and abroad, and proponents and opponents of the nuclear agreement alike – assumed they had Mr Biden all figured out. This would be, many said, effectively a return to the previous Democratic administration – year nine of the Obama era – at least as they imagined it had been and for good or ill.
They pointed to Mr Biden's role as vice president, and that his Secretary of State Antony Blinken and National Security Adviser Jake Sullivan are also Obama administration veterans. And they noted that outreach to Iran would be led by Rob Malley, a prominent supporter of the agreement, under the direction of Wendy Sherman, its principal American architect during the Obama years.
When both sides assumed this means that Mr Biden will prioritise a resumption of nuclear diplomacy with Iran and, if possible, a return to the JCPOA, they were correct. He said as much. Supporters of the agreement rejoiced, while opponents gnashed their teeth.
They all failed to take seriously that Mr Biden, Mr Blinken and Mr Sullivan, among others, were serious when emphasising that they learned lessons during the Obama era, particularly regarding nuclear diplomacy with Iran. This was assumed to be just campaign rhetoric or, if not, then self-deceiving hubris.
Joe Biden's advisers, Jake Sullivan, left, and Antony Blinken, second right, are Obama-era veterans. AFP
But the real hubris belonged to those in both camps, and around the world, who believed they could intuit the Biden policy or simply extrapolate it from Obama approaches, as if nothing has changed, such leaders are incapable of adapting, or Mr Biden is simply a replica of Mr Obama.
These assumptions lacked an appreciation of presidential history. Mr Obama's foreign policy differed markedly his first and second terms, as did George W Bush's.
A static foreign policy would constitute brain-dead foolishness, ideological inflexibility and diplomatic malpractice. The context for statecraft is ever-changing and anyone who can’t learn lessons from errors is in the wrong profession.
Just a few weeks into his presidency, JCPOA opponents were already accusing Mr Biden of "weakness" and giving away the store to Tehran – largely because that is what they assumed he was going to do – while its supporters complained he had already waited too long.
A man is treated at a hospital after he was injured during a rocket attack on US-led forces in Erbil earlier this month. Reuters
Exhibit A for the right was three rocket attacks against US-related interests in Iraq in mid-February. The Biden administration's statement that we will respond "in a time and place of our choosing" was assumed by both sides to be a typical rationalisation for not doing anything, which appalled the right and comforted the left.
Those suppositions were shattered by the February 26 air strikes against pro-Iranian militia facilities, which were carefully targeted at the most sensitive, significant piece of contested real estate for Iran in the Middle East: the Syria-Iraq crossing point and highway near Al Qaim.
This zone is key to Tehran's main geostrategic goal, a militarily secured corridor from Iran through Iraq and Syria and into Lebanon.
At least 17 militants were reportedly killed. This was a significant but measured response, calibrated and targeted to maximise the blow to Iran and minimise blowback for Washington.
Foreign policy doesn't remain static. Former US president Barack Obama's foreign policy, for instance, differed markedly his first and second terms, as did George W Bush's. EPA
Though few care to acknowledge this, it looked a lot more like a Trump action, although with subtlety and skill, than an Obama one.
Right-wing critics are largely unimpressed, because their objections are mainly political and ideological rather than policy or results-oriented.
But leftists and others, who were exuberant about an anticipated return to Obama-era indulgence of Tehran’s misbehaviour to protect negotiations at all costs, are howling in outrage.
Trita Parsi of the Quincy Institute, a leading proponent of Iranian interests in Washington, denounced Mr Biden for betraying diplomacy and sabotaging negotiations, as if Iran's proxies are not launching deadly attacks or that this should be tolerated with endless forbearance.
While voices on the right continue to insist Mr Biden is determined to shift US policy in Tehran's favour despite the counterstrike, their counterparts on the left say he is exposed as just another imperialistic bully. Plus, his nominal allies in Congress complained he acted without legal authority, which Mr Biden rightly dismissed.
In fact, the retaliatory air strikes suggest Mr Biden is crafting a novel, workable policy that emphasises concerted, sustained outreach to Iran involving serious compromises, though not capitulation or giveaways, but that nonetheless attacks by Iranian-controlled extremists will not be tolerated.
The president said his message to Tehran is: "Be careful."
Moreover, striking in Syria deftly avoided the trap of retaliation inside a politically volatile Iraq. Targeting an area of extreme strategic value to Tehran demonstrated an understanding of, and strong opposition to, Iran's predatory regional ambitions. Mr Biden hit them where it hurts.
This is all very bad news for implacable opponents of diplomacy. And it is terrible news for Tehran and its fellow travellers. But it should be highly reassuring to the rest of us.
Hussein Ibish is a senior resident scholar at the Arab Gulf States Institute and a US affairs columnist for The National
The flights
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Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
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Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
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How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Six large-scale objects on show
Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
Frank Lloyd Wright’s 1930s Kaufmann Office
A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century