Publisher and businessman Steve Forbes told Newsmax on Tuesday that Iran has long used negotiations to stall while threatening the United States and he supports President Donald Trump's initial approach to the war despite temporarily volatile markets and oil prices.
On "Finnerty," Forbes said the administration had signaled from the outset that the conflict would not be resolved quickly and warned against judging Trump's approach after only a brief period of market turmoil.
"They've said from the beginning, this is going to take several weeks," he said. "Iran is a very real threat.
"You have to, unfortunately, you have to take everything out. All the missiles, not just the missiles, but the missile factories, all nuclear capabilities, which they're starting to rebuild again."
His comments came as markets remained volatile amid Iran war developments, with the S&P 500 closing down 0.2%, the Dow Jones Industrial Average slipping 0.1%, and the Nasdaq finishing fractionally higher Tuesday, while West Texas Intermediate crude dropped more than 8% to about $87 a barrel, according to Investopedia's market recap.
Forbes, chairman and editor-in-chief of Forbes Media and a two-time presidential candidate, made the case after the host asked whether Trump voters should remain patient despite a steep recent drop in the Dow and higher gas prices.
"If after a couple of months nothing has happened, then we would be concerned," he said. "But short term, I think the violence in the market shows people just want to see how this thing is going to turn out."
He centered his argument on Iran, describing the government as a long-term threat to the United States and saying Tehran had repeatedly used diplomacy to delay consequences while rebuilding its capabilities.
"This is a regime that has us in the crosshairs for 49 years," Forbes said. "They've been very explicit about it. And they use negotiations to buy time to continue their nefarious ways. They are terrorism central."
Forbes also argued the U.S. should have acted against Iran much earlier.
"We should have taken them out in 2001 after 9/11," he said, adding that Iran had been "right in the thick of it."
Regarding the economic fallout, Forbes said the short-term market turbulence reflected uncertainty about how the conflict would develop and not necessarily a rejection of Trump's strategy. He pointed in particular to the Strait of Hormuz, where fears over oil shipments have rattled traders in recent days.
"So in terms of the short term, I think what the president did in the Strait of Hormuz is amazing," Forbes said, before arguing that investors were waiting to see whether oil prices and shipping conditions would stabilize.
"It could turn so much in one day or two days where oil gets to $120, then goes down to $80, $85, and the Dow goes way up and then way down and then way, way up again. People want to see how this thing turns out, but wars don't happen quickly," he said, referring to the price of a barrel of crude oil.
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Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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