Some uncomfortable history rears its head at Trump-Takaichi meeting

Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

A sensitive historical moment reared its head in the meeting between U.S. President Donald Trump and Japan’s Sanae Takaichi, while Israel mulls the possibility of a “ground component” to the Iran war as the conflict approaches its fourth week. 

Yet in his meeting with Japanese Prime Minister Sanae Takaichi on Thursday, U.S. President Donald Trump went there anyway.

Asked why Washington did not notify allies before striking Iran, Trump said the U.S. wanted to maintain the element of surprise.

Then, addressing the Japanese reporter who asked the question, he added: “Who knows better about that. Why didn’t you tell me about Pearl Harbor? You believe in surprise much more so than I.”

Takaichi appeared uneasy momentarily.

The reference was especially striking because the surprise attack on Pearl Harbour in 1941 killed around 2,400 Americans and drew the U.S. into World War II. Then President Franklin D. Roosevelt described it as “a date which will live in infamy.”

The awkward history lesson did little to change the present reality: the Iran war shows no sign of coming to an end. Israeli prime minster Benjamin Netanyahu said that a “ground component” may be needed to effect meaningful regime change in Tehran. 

The U.S. involvement also shows no sign of abating. Defense Secetary Pete Hegseth has said the Pentagon’s $200 billion budget request for Iran war funding “could move.”

“It takes money to kill bad guys,” Hegseth said at a press briefing when asked to confirm the figure, underscoring how open-ended the financial commitment may become.

For markets, the message is simple and unpleasant. Energy prices are not coming down anytime soon, with Dubai crude hitting as high as $166 per barrel, giving investors a glimpse into to where U.S. and Europe prices are headed if the Strait of Hormuz isn’t opened soon.

U.S. futures were last trading at about $94 a barrel, while global benchmark Brent was at $105.4 per barrel. 

— Lim Hui Jie 

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