Iran’s regime is under extraordinary pressure, but what happens next could be even more consequential. Does Donald Trump make a deal with Tehran, order further military action, or seize what John Bolton believes may be a historic opportunity to fundamentally change the balance of power in the Middle East? Erin Molan sits down with former U.S. National Security Advisor and former U.S. Ambassador to the United Nations John Bolton for a wide-ranging conversation about Iran, Donald Trump, the Strait of Hormuz, regime change, China, Russia, Ukraine and the growing battle over America’s role in the world. Bolton argues that Iran’s Islamic regime has “never been more unstable” and says competing centers of power and the damage inflicted on its leadership have created an extraordinary moment. But he also warns that any new Trump-Iran deal could leave the fundamental threats posed by Tehran unresolved. Erin and Bolton also discuss why the Strait of Hormuz matters far beyond oil and gas prices, what Saudi Arabia and the Gulf states want from Washington, the divide over American foreign policy inside the Republican Party, and why Xi Jinping and China are closely watching America’s decisions in both Iran and Ukraine. Then the conversation turns home: the Democratic Party’s move to the left, JD Vance and the future of Republican foreign policy, the 2026 midterm elections and what the battle for the 2028 presidential election could look like. Donald Trump. Iran. Regime change. The Strait of Hormuz. China. The Middle East. This is a moment with consequences far beyond Tehran.