00:00Crude markets are very well supplied, there are hundreds of millions of barrels on the water, away from the Gulf,
00:11but more importantly, we have a series of announcements that we're going to be making.
00:17U.S. government is going to step in, and when it is appropriate and should it be needed, the U
00:22.S. Navy will provide safe passage through the straits. That's likely sometime this week, and again, that's under something called
00:30Section 122, and that's 150-day authority.
00:34And during that time, during the 150 days, we will see studies from USTR on Section 301 tariffs, from Commerce
00:46on Section 232, and it's my strong belief that the tariff rates will be back to their old rate within
00:56five months, and those are very fulsome authorities.
01:01They have survived more than 4,000 legal challenges. They are more slow-moving, but they are more robust.
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