Watching the news, you might think that President Trump’s withdrawal from the Iran nuclear agreement was a harbinger of war with the Islamic Republic of Iran. It isn’t.

Although Trump’s language in his speech on Tuesday was decidedly tough, his functional policy here seems determined to chart a path that mitigates the risk of conflict. While U.S. sanctions are now being reintroduced against Iran, Trump is also giving Iran room to breathe by allowing European companies to continue their dealings in Iran. In its fact sheet on the agreement, the White House noted, “Those doing business in Iran will be provided a period of time to allow them to wind down operations in or business involving Iran.”