New Delhi, Aug. 10 -- the United States is, in his words, "only semi-negotiating" with Tehran, watching the country's economy deteriorate while issuing no formal diplomatic channel.

Iran's Foreign Minister Abbas Araghchi provided the Iranian government's characterization in the same news cycle. "There is an exchange of messages through intermediaries," Araghchi said, "but this is not called negotiations." The two statements, taken together, describe a diplomatic situation that neither side is willing to call talks and neither side appears prepared to abandon.

Trump elaborated on the American posture in comments to Axios, saying the administration is "low-keying it" and "just watching Iran with its huge inflation." The framing reflects a...