Richard Wolff & Michael Hudson: Trump Is Fuming After Iran, China & Russia’s Massive Move (Video)

In this 21 May 2026 published video. host Nima R. Alkhorshid talks with guests Richard D. Wolff and Michael Hudson.

Economists Wolff and Hdson argue that the ongoing US-Iran War and the resulting push toward dedollarization by Iran, China, and Russia are accelerating the decline of the US economic empire, leaving the Trump administration with fewer strategic options. 

The administration’s expectation of a swift Iranian capitulation has failed. The conflict has settled into a costly stalemate.The massive financial cost of the war—exceeding $1 billion daily—is rapidly draining US resources away from other crucial areas like Ukraine and East Asia. Despite an active naval blockade, Iran continues to utilize its strategic position in the Strait of Hormuz, manipulating global energy trade tolls and raising domestic inflation risks for the West.

China has introduced an anti-foreign sanctions law that allows Chinese companies to sue entities complying with US restrictions. This directly undermines Washington’s ability to isolate adversaries economically. Despite US warnings, China continues to supply Iran and Russia with critical dual-use technologies, missile parts, and drone components.  Russia and China have stepped directly into the Persian Gulf crisis. They are openly demanding a permanent ceasefire to reopen the Strait while actively blocking US-backed targeting measures at the United Nations.

Iran, Russia, and China are actively building financial frameworks to bypass the US dollar entirely. Major energy producers, including the UAE and Saudi Arabia, are shifting toward trading oil in national currencies. They are reassessing long-term US security guarantees in favor of regional détentes.  Wolff and Hudson emphasize that if global oil markets move away from the dollar, external demand for US debt will contract sharply, permanently weakening American global influence. 

The collective failure of the blockade to stop the flow of Iranian oil to Asia, combined with China’s refusal to abandon its 25-year strategic partnership with Tehran, has effectively left President Trump without a clear geopolitical exit strategy.

https://youtu.be/F93eYSSrdj0