Cabot Phillips

But the data point, combined with a downward revision of the Q4 GDP from 2025 to just 0.5%, is yet more incentive for the Trump administration to get the Strait of Hormuz fully opened.

As for that downward revision for GDP last quarter, we talked with economist Patrick Horan about what drove that.

He said it was mostly the government shutdown.

Yeah, Tuesday's ceasefire continues to hold as of this morning, but it is a tenuous situation, no doubt.

Iran has essentially closed the Strait of Hormuz.

Only around a dozen ships went through as of yesterday.

Normally, there are around 140 ships passing through.

So that, no doubt, is keeping the American side very upset as these talks loom.

President Trump says that U.S.

forces will remain in position and are ready to act if needed.

He posted a sort of threatening social media post saying, hey, everyone is still there.

Their fingers are on the trigger if you guys act up.

So that again is President Trump showing strength ahead of these talks.

As you mentioned, they are going to take place tomorrow in Pakistan.

Vice President J.D.

Vance is going to be leading the U.S.

delegation along with Special Envoys Steve Witkoff and Jared Kushner.

Now, we've reported on the show about some of the initial demands from the Iranians, but the White House has made clear that many of them are no-goes.

They say that there has been progress on some points, but the biggest for Trump, of course, is completely dismantling Iran's nuclear program, defanging the military, and fully reopening the straits.

So those will be the big hurdles to get over in Pakistan tomorrow.