WSJ What’s News – The U.S. Military Buildup Near Iran Intensifies

Date: February 13, 2026
Host: Luke Vargas (with contributions from Daniel Michaels, Jared Malson, Stephen Wilmot, Zhou Yu Wong)
Theme: The U.S. sharpens its military posture near Iran, finalizes a pivotal chip deal with Taiwan, grapples with the aftermath of Biden-Trump EV policy shifts, and appraises the state of transatlantic relations at the Munich Security Conference.

Episode Overview

This episode covers the increasing U.S. military presence near Iran amidst fraught diplomacy, a new U.S.-Taiwan chip agreement, the repercussions for Detroit after a shift in electric vehicle (EV) policy, and the chill in U.S.-Europe relations a year after Vice President J.D. Vance's remarks at the Munich Security Conference. The mood across global financial and political centers is one of uncertainty, adaptation, and recalibration.

Key Topics & Discussion Highlights

1. U.S. Military Posture Near Iran

Timestamps: 00:43–02:41

• The USS Gerald R. Ford, America's largest aircraft carrier, is joining a growing U.S. flotilla in the Middle East (00:43).

• The Trump administration continues a dual approach: seeking nuclear negotiations with Iran while ramping up military threats and sanctions in response to Iran’s crackdown on protestors.

• Jared Malson lays out the complexities:

  “Now the administration has pivoted to this very uncertain policy where they are both negotiating with Iran over their nuclear program and also saying that if they don't make a deal, they will strike Iran ... So he seems to be keeping his options open.” — Jared Malson (01:20)

• The administration recognizes the dangers of escalation and, despite tough rhetoric, has explicitly ruled out regime change. Protecting U.S. troops and Israeli interests complicates any strike scenarios.

  “Secretary of State Marco Rubio in January said there was a lot of complexity to the Iranian system where they essentially couldn't go in and do what they did in Venezuela with Maduro.” — Jared Malson (02:17)

2. U.S.-Taiwan Chip and Tariff Deal

Timestamps: 02:41–03:57

• The U.S. and Taiwan agree to slash tariffs (32% → 15%) amidst strategic decoupling from China.
• TSMC, the world’s top advanced chipmaker, will increase U.S. investments in exchange for tariff exemptions (03:15).
• Zhou Yu Wong notes officials see this as deepening both economic and security ties, though China (Beijing) voices strong objections to any U.S.-Taiwan official engagement.
• The move is part of broader U.S. efforts to bring semiconductor manufacturing stateside.

3. U.S.-Europe Relations: The Munich Security Conference

Timestamps: 03:57–08:12

• On the anniversary of Vice President J.D. Vance's controversial speech, the relationship is more “strained than ever.”

• A memorable quote from Vance's 2025 speech highlighted divisions:

  “The crisis this continent faces right now, the crisis... I believe we all face together, is one of our own making.” — J.D. Vance, recalling Daniel Michaels' summary (03:57)

• Conference Chairman Christoph Heusgen mourned a fading sense of unity:

  “We have to fear that our common value base is not that common anymore, let me conclude, and this becomes difficult.” — Christoph Heusgen, via Daniel Michaels (04:07)

• European anxieties continue over U.S. trade demands, new tariffs, and what France’s Emmanuel Macron calls, “trade agreements that undermine our export interests ... and openly aim to weaken and subordinate Europe ... an endless accumulation of new tariffs that are fundamentally unacceptable.”

• Daniel Michaels (live from Munich) says there is now a “constant brace position” among European officials—expecting disruption from Washington but hoping for a less confrontational approach from Secretary of State Marco Rubio:

  “He’s much more measured in his words, and it’s cliched to say, but we are in the new normal. And the new normal is, I think, especially in Europe, a sort of constant brace position for whatever the next thing coming from Washington is.” — Daniel Michaels (05:34)

• Fault lines remain over digital sovereignty and tech competition; Europe wants less reliance on U.S. tech giants, a tension set to grow:

  “Europe doesn’t want to be beholden to US Tech giants, though Europe has struggled to assert itself in that field. And at the same time, the administration is pushing back at European efforts to limit expansion of US Tech giants.” — Daniel Michaels (07:35)

4. Corporate & Market Updates

Timestamps: 09:07–11:41

a. Goldman Sachs’ Epstein Fallout

• Katherine Rummler, top lawyer at Goldman Sachs, resigns after files reveal past close ties to Jeffrey Epstein (09:07).
• Rummler claims the relationship was strictly professional.

b. Detroit’s EV Whiplash

• U.S. automakers report over $50 billion in write-offs tied to EV investments, as policy reversals tank demand (10:05).

• Key point: The removal of the $7,500 EV tax credit triggered a collapse in U.S. EV sales.

• Stephen Wilmot explains the contrast internationally:

  “The most notable feature perhaps is the $7,500 tax credit, which until the beginning of October you could get against the purchase of an EV. And since that has fallen away, EV sales in the US have really fallen off a cliff.” — Stephen Wilmot (10:50) “Ironically, it’s the rise of EVs, particularly in China, that’s the problem for the European automakers, not the abrupt U turn in EV demand in the US.” — Stephen Wilmot (11:35)

c. Crypto Downturn

• Coinbase posts a quarterly loss as crypto prices slide; Bitcoin’s prolonged drop wipes out nearly $2 trillion in market value (11:41).
• Robinhood, a bellwether for retail investors, has seen its stock cut in half since Bitcoin’s peak.

Notable Quotes & Soundbites

| Timestamp | Speaker | Quote | |-----------|----------------|------------------------------------------------------------------------------------------------------------| | 01:20 | Jared Malson | "...uncertain policy where they are both negotiating with Iran... and also saying if they don't make a deal, they will strike Iran." | | 02:17 | Jared Malson | "They essentially couldn't go in and do what they did in Venezuela with Maduro." | | 03:57 | J.D. Vance | "The crisis this continent faces right now, the crisis... I believe we all face together, is one of our own making." | | 04:07 | Christoph Heusgen | "We have to fear that our common value base is not that common anymore, let me conclude, and this becomes difficult." | | 05:34 | Daniel Michaels | "The new normal is, I think, especially in Europe, a sort of constant brace position for whatever the next thing coming from Washington is." | | 10:50 | Stephen Wilmot | "...the $7,500 tax credit... until the beginning of October you could get against the purchase of an EV. And since that has fallen away, EV sales in the US have really fallen off a cliff." | | 11:35 | Stephen Wilmot | "Ironically, it’s the rise of EVs, particularly in China, that’s the problem for the European automakers, not the abrupt U turn in EV demand in the US." |

Structural Timestamps

• U.S./Iran Tensions: 00:43–02:41
• U.S.-Taiwan Deal: 02:41–03:57
• U.S.-Europe/Munich Security Conference: 03:57–08:12
• Goldman Sachs/Epstein Scandal: 09:07–10:05
• Detroit/EV Reversals: 10:05–11:41
• Crypto Crash: 11:41–12:13

Episode Tone & Takeaways

The tone is brisk, analytical, and at times somber, reflecting a world where policy, markets, and alliances are in flux. The speakers are candid about uncertainty—whether in the unpredictable U.S. strategy toward Iran, the shifting sands of the transatlantic relationship, or the whiplash felt by Detroit and Stuttgart alike from sudden policy reversals and global competition.

If you missed the episode:
Expect a landscape marked by rapid change, strategic hedging, and a global search for stability, with the U.S. at the gravitational center—sometimes as a partner, sometimes a disruptor.