Nathan Dean

We're only talking about a four percent relief here.

That's right.

And so, like, you know, I sent this to our energy analysts and I was like, oh, great.

We got this new bill that Senator Hawley's talking about.

Yeah.

What can we do?

And we essentially got a big yawn from the energy team.

When it comes to this in particular, obviously we have to think about the midterm messaging here.

And so as this bill goes through, and I presume it's going to go through the motions to try and get this done, and we'll have to see how it plays out for the midterms.

But at the end of the day, it's the Hormuz that's driving a lot of this.

When it comes to this in particular, obviously we have to think about the midterm messaging here.

And so as this bill goes through, and I presume it's going to go through the motions to try and get this done, and we'll have to see how it plays out for the midterms.

But at the end of the day, it's the Hormuz that's driving a lot of this.

Under 122, President Trump could just say across the entire globe 15%.

301 has to be specifically targeted towards an investigation and towards a country.

So I don't think the White House is going to be able to say, look, here's what the 301 tariff is for everybody across the globe.

I think there's going to be specific targeted tariffs towards countries.

But at the end of the day, I don't think Congress has much of a role here to play because 301, according to our analysis, is pretty firm.

Under 122, President Trump could just say across the entire globe 15%.

301 has to be specifically targeted towards an investigation and towards a country.