IF the much-publicized 14-point memorandum that Donald Trump claims could end his war is eventually signed, America may find itself confronting a result reminiscent of the Korean armistice: not an outright military defeat, but a strategic setback nonetheless. Hostilities may largely cease. Neither side may achieve its full objectives. The underlying political disputes would remain unresolved. The ceasefire itself would become the settlement.The political consequences could be substantial. Trump and his MAGA allies may pay a price in the 2026 midterm elections. Benjamin Netanyahu’s political future could become increasingly uncertain. Iran would retain influence over the Strait of Hormuz. China…