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After having become an expert on the incident from having skimmed half of the wikipedia article, I note that it mentions both Reagan considering his letter an apology and the US government not having made a formal apology, so I imagine there is some clever political distinction between the two.

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There also has been no apology for US' use of agent orange in Vietnam, nor has there been a payment of compensation.

Why not formally apologize for such a fuck up (Iran aircraft), except for arrogance/exceptionalism?

I guess because they think it doesn't benefit them and will make future diplomacy harder? I don't know if that falls under arrogance, but I also don't know how to ascribe comprehensible motivations to the state department or whoever is in charge of that.

The US is still pressuring Vietnam to “pay it back for the Vietnam war“.

Interesting: " April 7, 1997

Treasury Secretary Robert E. Rubin and Vietnamese Finance Minister Nguyen Sinh Hung agreed today that Vietnam will repay the United States approximately $145 million in economic debts owed by the former Republic of Vietnam. "

https://home.treasury.gov/news/press-releases/rr1587

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