The opening of the UN General Assembly and the U.S. president’s attendance there typically is an opportunity to lay out a global agenda with a major speech and meetings that highlight the administration’s priorities. This year, the world—and global markets—will eagerly await what President Trump says about Iran and how the U.S. intends to respond to the escalating tensions in the Persian Gulf. Although he loves dramatic buildups, Trump is unlikely to use his UNGA platform for “an Adlai Stevenson moment” (Stevenson presented images of Soviet missile sites in Cuba to the world). For one thing, that would tie the president to a military response, or make him appear weak if he backs down without any obvious Iranian concessions...

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