Stumbling

Trump, long a critic of ‘forever wars,’ may be stumbling into one with Iran

President Trump long railed against forever wars.

For years, whether as president or candidate, he flayed electoral opponents and previous presidents with his signature barbs, calling their entanglements a “complete waste of time” (Afghanistan), “the worst single mistake ever made in the history of our country” (Iraq) and “stupid” (Ukraine).

Yet he now appears to be stumbling into a forever war of his own.

From the first days of the U.S.-Israeli campaign against Iran, Trump and his officials insisted their adventure abroad would be the exception, that the conflict would end in a matter of weeks.

Now, 4½ months later, after a torturous, start-stop vacillation between truce and war, the U.S. is pressing on with a fight that has no end in sight — or even a clear definition of what an acceptable end would be.

In the last week, the ceasefire collapsed, with the U.S. and Iran trading daily waves of strikes, leading to the deaths of two American servicemen on Friday when Iranian ballistic missiles struck Muwaffaq Salti Air Base in Jordan, where U.S. assets and personnel are stationed.

On Sunday, as the U.S. and Iran launched more air assaults, the U.S. announced that a service member was killed Saturday in Iraq during the controlled detonation of unexploded ordnance from a downed Iranian one-way attack drone.

The remains of U.S. Army Sgt. Benjamin N. Pennington, the seventh U.S. service member to die in combat during the Iran war.

On March 9, the remains of U.S. Army Sgt. Benjamin N. Pennington, 26, of Glendale, Ky., then the seventh U.S. service member to die in combat during the Iran war, are transferred at Dover Air Force Base, Del.

(Julia Demaree Nikhinson / Associated Press)

The deaths in Jordan were the first combat fatalities since the U.S. and Iran agreed to a ceasefire. One soldier remains missing, according to a statement from U.S. Central Command.

Including the most recent casualties, 17 U.S. service members have been killed and more than 430 wounded since the war began, the Pentagon says.

In Iran, at least 57 people have been killed and more than 517 injured in U.S. attacks in the last three weeks, according to Iranian health authorities. The death toll since the beginning of the war has surpassed 3,500, and more than 27,000 have been wounded.

The U.S. and Israeli militaries have — in the telling of Trump and various officials — decimated Iran’s navy and air defenses, eviscerated multiple layers of its leadership and bombed tens of thousands of targets across the country.

Despite that military pressure, and Trump’s insistence that members of Iran’s leadership “want to make a deal” (he’s said that an accord was on hand no less than 46 times since the start of the war), Tehran has refused to surrender its nuclear and missile arsenals and continues to support its regional militia allies.

Iran has also created a new pressure point to use against adversaries by blockading the Strait of Hormuz, the vital waterway through which a fifth of the world’s oil and natural gas flowed before the war. And it has widened the war’s footprint by targeting countries hosting American military assets.

Trump has vowed to expand bombings to include civilian infrastructure such as power plants and bridges in what he says is a bid to force Iran into negotiations once more.

Trump thought wars in the Middle East would be like Venezuela: a big in-and-out without a prolonged war. And the reality is that it’s backfired

— Vali Nasr, Middle East expert

He has also brought additional forces to the Middle East. According to Centcom, there are now 50,000 troops in the region, along with 20 naval warships and hundreds of warplanes.

U.S. Central Command, which oversees operations in the region, declined to comment on the deployments, though on Sunday the New York Times reported that the U.S. was sending to the region F-16 fighter jets from Germany and stealthy F-35 jets from Britain.

For observers, those moves signal that Trump is falling into an escalation trap.

“From Trump’s perspective, the easiest way to demonstrate resolve and power is by just bombing Iran and seeing what that brings about,” said Andreas Boehm, a Middle East expert and lecturer on international law at University of St. Gallen in Switzerland. Although those strikes seem tactically impressive, they have not helped him strategically, he said.

“In reality, it doesn’t change the situation because the Iranians won’t budge. And if you confuse tactical and strategic success, then you’re not going anywhere in any kind of war,” Boehm said.

An escalation on Washington’s part is also certain to spark a similar reaction from Tehran, said Vali Nasr, professor at the Johns Hopkins University School of Advanced International Studies.

“Iran gets a vote here,” Nasr said, adding Iran could up the ante by closing Bab al Mandab, the vital strait connecting the Red Sea to the Indian Ocean. It could also widen attacks on infrastructure in Persian Gulf countries — moves that would trigger an even bigger ripple effect across global markets.

“Trump thought wars in the Middle East would be like Venezuela: a big in-and-out without a prolonged war,” Nasr said, referring to the Trump administration’s strike that saw U.S. forces abduct Venezuelan leader Nicholás Maduro and force the remaining members of his government to submit to U.S. control.

“And the reality is that it’s backfired,” he said.

Trump is not the first American president to think a foreign engagement wouldn’t last long. Whether in Vietnam, Afghanistan or Iraq, U.S. leaders dispatched troops on operations they thought would last weeks or months, dismissing warnings that they would be bogged down in years-long occupations.

Iran would be an especially sticky quagmire if Trump were to commit ground troops.

The country’s area — about 636,000 square miles — is more than double the size of Afghanistan, almost four times the size of Iraq, and five times the size of Vietnam — all nations where the U.S. struggled to prevail against adversaries not as well equipped and arguably less ideologically motivated than its adversaries in Iran.

Meanwhile, for a president whose central foreign policy campaign promise was no more wars, the growing number of casualties, along with the escalating damage inflicted by Iran on U.S. assets and allies, has exposed cracks in the support the Teflon-like Trump has enjoyed from his advocates.

Onetime MAGA acolytes, including flagship conservative figures such as Tucker Carlson, Megyn Kelly and Alex Jones, have already turned on the president over the war and other issues. And Republican figures who had tied their star to Trump fear a drubbing in the midterms so long as the war continues.

If negotiations were to resume, it’s unclear whether Trump and his coterie of negotiators have the stamina or the foreign service expertise to bring about an accord.

After all, the 2015 Obama-era deal aimed at reining in Tehran’s nuclear program took 600 days and hundreds of diplomats and technical experts to negotiate.

With Trump relying on unconventional fixers such as his son-in-law Jared Kushner and real estate investor Steve Witkoff, not to mention his evisceration of the diplomatic corps, an agreement of that scale appears unlikely.

“Everything is dependent on the mood of one man,” Nasr said.

“It’s not the system that’s making the decision; it’s not the country making the decision,” he said. “It’s one man, and it depends how he feels like at one particular point in time.”

Tehran too may be less amenable to negotiations with Trump, given his history: During his first term, he pulled out of the nuclear deal and ordered the assassination of Qassem Suleimani, a leading Iranian general.

In his second term, he launched bombing campaigns on Iran during negotiations — twice. And Iran accused the U.S. of repeatedly violating the April ceasefire and the memorandum of understanding signed in June.

Asked on NewsNation on Sunday about Iran’s announcement that it would no longer abide by the memorandum, Trump said, “I couldn’t care less.”

Such factors, said Ali Vaez, the Iran project director for the International Crisis Group, lead to a formula for prolonged conflict.

“It’s a forever war in the making, and the reason why is that Trump has proven he’s impossible to negotiate with,” Vaez said.

If an agreement as superficial as the memorandum of understanding — which deferred thornier issues for late negotiations — was derailed, then there’s little option other than repeated cycles of violence.

“Once you’ve proven that diplomacy doesn’t work,” he said, “then there’s only war.”

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Nike Names David Denton CFO to Guide Stumbling Turnaround Global Finance Magazine

Former Pfizer executive David Denton steps into the CFO role amid a bruising stock decline.

Nike Inc. said Tuesday it has hired David Denton as its next chief financial officer, tapping the former Pfizer Inc. finance chief to help stabilize a company navigating one of the most difficult stretches in its history.

Denton will join the Beaverton, Oregon-based sportswear giant as Executive Vice President and CFO effective Aug. 17. Matthew Friend, who has held the role since April 2020, will step down on that date and remain in the role through Sept. 4.

Nike Dogged by Rivals, Slumping Share Price

The announcement did little to reassure investors. Nike shares fell 4.5% to close at $42.38 Tuesday, leaving the stock down 33% year to date. The company has been grappling with slowing sales and eroding market share to nimbler rivals such as On Running and Hoka.

CEO Elliott Hill, who took the helm in late 2024, has been working to arrest the slide, but a full recovery has proven elusive.

Whether Denton’s expertise can generate a turnaround remains to be seen. He previously served as CFO and Executive Vice President at Pfizer since May 2022. Before that, he held the same title at Lowe’s Cos. from 2018 to 2022. He also spent two decades at CVS Health Corp., including as CFO during the company’s evolution into a diversified health. In all, he brings more than 30 years of finance and operating leadership across large, complex public companies.

Denton, in a prepared statement, called Nike “one of the world’s great brands.”

“I’m excited to partner with Elliott and the leadership team to support the company’s priorities, invest with discipline, and help deliver sustainable long-term value,” he said.

Hill framed the transition as a strategic inflection point. “This is a natural moment for a leadership transition as we move from foundational actions to sustained growth through our Sport Offense operating model,” he said.

Friend joined Nike in 2009 and rose through roles including CFO of the Nike Brand and VP of Investor Relations before assuming the top finance post. Nike expanded his responsibilities in late 2025 to include Global Sales and Direct-to-Consumer functions.

Prior to Nike, he worked in investment banking at Goldman Sachs and Morgan Stanley.

What’s Next

Nike expects to report fourth-quarter and fiscal year 2026 results on June 30. Analysts anticipate earnings of $0.12 per share on revenue of $10.85 billion, compared with 14 cents per share and $11.1 billion in the prior-year period — a stark illustration of how far the company still has to go. Results will include a one-time benefit from tariff refunds that were not previously factored into the guidance.

Contact the author: anoto@gfmag.com

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