Nathan Dean

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 percent.

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, you know, 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, you know, according to our analysis, is pretty, pretty firm.

You are going to see statements from the president, from the White House over the next few weeks to try and drive affordability.

But it's only going to have so much impact if they can't get the policy through and or there's an inflationary aspect from tariffs on the other side as well.

It's just one of those situations where, you know, the message sort of gets muddled.

What it really means for those of us in the markets, well, two things.

One, there's really not a much market impact from this.

You know, maybe eventually if TSA workers call in sick, you could see some airline disruptions in a couple of weeks.

But the message we've been telling our clients is that the rest of the government, the other 11 appropriation bills, is funded through September 30th.

Anytime you're going to tell a market, when it comes to a government shutdown, most market impacts, they really aren't there.

Even for contractors, they're not really there.

Yeah.

But for reports, they are there.

And as we saw in the shutdown last year, a lot of traders were not happy about this lack of data out there.