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For the U.S. to finance this war beyond the $37.5 billion that the Pentagon admits it has already spent"the actual number is surely much higher"would be to throw good money after bad. The Trump administration needs to face up to having lost so that it can focus on preventing the effects of an embarrassing but ultimately manageable defeat from spreading beyond the Persian Gulf. This will involve rethinking some fundamentals"such as how the region's oil reaches world markets, how the United States wages war, and how Iran can be deterred from making trouble for American interests in the future.