US President Donald Trump on Saturday said he expects the war with Iran to end soon after the US midterm elections in November, adding that oil prices would fall sharply once the conflict ends.
Speaking to reporters in Dublin, Trump said he believed the conflict would likely end "right after the mid-terms". He claimed Iran was trying to prolong the war to complicate the US elections.
"When that happens, oil prices will come tumbling down," Trump said.
Trump's comments come as the US-Iran conflict continues to disrupt energy markets and shipping through the strategically important Strait of Hormuz. Oil prices crossed $100 a barrel this week amid the continuing tensions.
Iran says it does not want war
Iranian President Masoud Pezeshkian, speaking on the sidelines of the BRICS Summit in New Delhi, said Iran does not want war or a continuation of the conflict and called for peace.
"Despite all the injustices suffered by our people, we neither desire war nor its continuation. Peace remains our priority," Pezeshkian said, according to the Iranian presidency.
He also said West Asia does not need the United States to act as a "regional policeman", arguing that the security of the region should be ensured by countries in the region.
US-Iran war and Strait of Hormuz
The conflict began on February 28 after US-Israeli strikes killed Iran's former Supreme Leader Ayatollah Ali Khamenei, according to the report. Tehran responded with attacks across the region and imposed a blockade on the Strait of Hormuz, a key global energy route.
The continuing disruption has pushed oil prices higher, with Brent crude moving above $100 a barrel this week. A deal reached in June subsequently collapsed, while there has been no clear progress in negotiations.
Trump has previously predicted that the war could end immediately after the November elections. Iran, however, has indicated that it remains prepared for a prolonged conflict.
The conflicting positions come as markets remain focused on the impact of the war on oil supplies, shipping and inflation, with the Strait of Hormuz remaining a major flashpoint for the global energy market.
Trump open to Chinese carmakers setting up plants in US
Separately, Trump has said he would be open to Chinese automakers setting up manufacturing plants in the United States, provided they employ American workers. His remarks come as Chinese President Xi Jinping visits India for the BRICS Summit and ahead of a planned meeting between the two leaders in Washington.
Speaking in a Fox News interview, Trump said he would not support Chinese vehicles being imported directly into the US but would consider allowing Chinese companies to manufacture cars within the country.
"Now, if China wanted to come in, and open a plant to build their cars here, I'd be okay with it — Japan does it — but they hire our people," Trump said.
Trump stressed that Chinese companies would have to employ American workers if they were allowed to establish manufacturing operations in the US.
"The big thing is they hire our people, they use our people," he said.
However, Trump opposed the possibility of Chinese automakers manufacturing vehicles in Mexico and then exporting them to the US.
"What I don't want is them to build in Mexico and just, you know, build it inexpensively and ship it across the border," he said.
Chinese cars largely shut out of US market
Chinese vehicles currently face major barriers to entering the US market, including steep tariffs on electric vehicles and restrictions linked to national security concerns.
Chinese electric vehicle makers such as BYD and Geely have been expanding their presence in international markets, including Canada and Mexico, increasing concerns among US automakers that Chinese companies could eventually seek greater access to the American market.
Trump has previously indicated that he could support Chinese automakers setting up manufacturing operations in the US. In a speech at the Detroit Economic Club earlier this year, he said he would be open to allowing Chinese companies to build vehicles in America.
Trump-Xi meeting ahead
Trump's latest comments come weeks before his expected meeting with Xi Jinping in Washington. The issue of Chinese investment and access to the US automobile market could become part of broader discussions on trade and economic relations between the world's two largest economies.
Meanwhile, Xi is in New Delhi for the BRICS Summit, marking his first visit to India in seven years. The summit is taking place amid heightened geopolitical tensions, trade disputes and growing discussions within BRICS on strengthening economic cooperation and reducing dependence on Western-dominated financial systems.
The BRICS grouping is also focusing on greater use of local currencies for trade and improving cross-border payment mechanisms, while member countries continue to push for reforms in the global economic and financial system.
Trump's comments on Chinese car manufacturing therefore come at a time of heightened US-China economic engagement, with trade, tariffs, technology and market access remaining key areas of contention.
