India, Aug. 10 -- US President Donald Trump on Sunday said Iran's economy was in a slump and his administration was just going to watch the economic pressure mount amid ongoing talks to open up the Strait of Hormuz.

Trump's statement signalled the US' decision to refrain from more military strikes while Iran poses tough conditions to open the strait.

"We are low-keying it. We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money," news outlet Axios quoted him as saying.

Tehran has demanded that the US first end its blockade of Iranian ports and lift oil sanctions.

"It will work out. It always works out. It's like a chess game," Trump said on discussions with Iran.

Accor...