The US came out of its war with Iran with almost nothing, in what's framed as America's worst strategic defeat since Vietnam.

• Trump launched a war with Israel to stop Iran's nuclear program, then signed a deal that doesn't even cover nukes — that part got pushed to later talks.
• Iran is getting $300 billion for reconstruction, sanctions lifted, and over $100 billion in frozen assets unfrozen, all for just a promise not to build a bomb.
• The plan copied the quick Venezuela raid that captured Maduro, but Iran's leadership is built to survive decapitation strikes, so killing its supreme leader left no one to deal with.
• Iran's threat to close the Strait of Hormuz — which carries a fifth of the world's oil — forced Washington into huge concessions and gives Iran lasting leverage.
• The US and Iran now both want Israel to stand down in Lebanon, opening a deep rift between Washington and Israel.

Outlook: Iran enters the actual nuclear talks far stronger and more hardline, and the perceived US weakness could embolden Russia, China, and others.