In my opinion this repeated cycle of deal, no deal, escalation and pause is just a way to gradually condition markets so they don’t have to price the full geopolitical risk all at once. If policymakers believe there’s a meaningful chance this evolves into a prolonged regional conflict then allowing markets to adjust in stages is far less destabilizing than forcing them to absorb that possibility overnight. I think this administration is buying time and managing expectations and slowing the repricing process while governments prepare for a much longer strategic confrontation.