The consequences of Trump’s “greatest foreign policy failure.”
Foreign Affairs

June 18, 2026  |  View in Browser

Collage of Ukraine flag, Putin speaking, and Ukraine soldiers next to a tank

Iran won the war against the United States and Israel, Nate Swanson writes in a new essay, but it could still “lose the peace” by overplaying its hand in negotiations set to take place over the next two months. Swanson, who predicted how this conflict would escalate even before it started, argues that the most important thing to watch now is how a deal addresses freedom of navigation in the Strait of Hormuz. Iran can use the waterway either “as a tool to make money or as a security guarantee,” he writes. “But it probably can’t do both.”

Read Swanson on Tehran’s fragile victory, and check out several other Foreign Affairs essays, also published this week, that grapple with the war’s consequences for the region and the world. Ian Bremmer and Firas Maksad argue that the war is “the greatest foreign policy failure of both of Trump’s terms.” Dana Stroul explains how the conflict exposed “serious shortcomings” within the U.S. military. And on this week’s podcast, Narges Bajoghli and Vali Nasr discuss how new leaders are changing Iran’s approach to foreign and domestic policy. Start reading and listening below. 

For full access to ForeignAffairs.com and the upcoming July/August issue, subscribe here.

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Iran Won the War but May Lose the Peace

Tehran Is Poised to Overplay Its Hand

By Nate Swanson

 
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The Long Shadow of the Iran War

Trump’s Most Consequential Foreign Policy Mistake

By Ian Bremmer and Firas Maksad

 
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The Middle East Power Paradox

How the Iran War Will Transform America’s Military Role

By Dana Stroul

 
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Podcast: Is the Iran War Coming to an End?

A Conversation With Narges Bajoghli and Vali Nasr

The Foreign Affairs Interview

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