President Donald Trump announced he was extending a ceasefire with Iran indefinitely a day before it was set to expire, even as plans for a fresh round of talks between the two countries fell apart. In a Truth Social post, Trump said Tuesday he would maintain a blockade over ships coming to and from Iran in the Strait of Hormuz. He said Pakistan, which had mediated between the two sides, asked for the US to hold off on fresh strikes and he was extending the ceasefire until Iran submits a new proposal "and discussions are concluded, one way or the other." Ambassador James F. Jeffrey, Philip Solondz Distinguished Fellow at The Washington Institute and former Deputy National Security Advisor to President George W. Bush, joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec.