The Strait of Hormuz tolls may be gone, and inflation is on the rise. Plus, Congress must act on the Save America Act, and the Iran situation in the Persian Gulf is reaching new heights. Today's show is brought to you by The 47 Morning Update.
00:00:27.700Listen to Armstrong and Getty On Demand on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
00:00:34.700But most importantly, addressing this crisis of election security demands that Congress must pass the Save America Act.
00:00:44.700How easy is that to do unless you want to cheat?0.89
00:00:48.100The only reason you wouldn't do it is you want to cheat because your policies are so bad and your candidates are so pathetic that you can't get away or can't get elected any other way.
00:00:59.940This landmark bill requires that all voters must show photo, voter ID.0.76
00:01:48.900Now, before we get to both those stories, I want to talk to you right now about how the stakes could not be any higher.
00:01:54.720We finally have a president and administration fighting hard for America first.
00:01:59.360But if conservatives like you and I lose focus now, the same people who created this mess are ready and waiting to resume their destruction, their progressive agenda.
00:02:08.420And protecting this momentum takes more than votes.
00:02:11.740It takes every American like you staying in the fight for our rights and freedoms.
00:02:16.720And that's why more and more people I know are switching to Patriot Mobile.
00:02:22.060It is America's only Christian conservative wireless provider.
00:02:25.900Now, Patriot Mobile, which I use every day, and they're amazing.
00:02:29.020They offer premium priority nationwide service on all three major U.S. networks.
00:02:34.740Unlimited data plans, mobile hotspots, international roaming, they've got it all.
00:02:39.000And I love their team because it's 100% U.S.-based customer support.
00:03:42.400The Strait of Hormuz remains one of the most strategically important waterways on Earth.
00:03:47.560That's why we're talking about it so much.
00:03:49.920As I've said before, about one-fifth of the world's oil supply
00:03:53.900normally passes through the shipping lane each and every day.
00:03:58.660President Donald Trump has continued now to escalate pressure on Iran while also adjusting parts of his strategy.
00:04:06.920And today, Trump said no country should be charging ships a fee to pass through the Strait of Hormuz, backing away from that earlier proposal for a U.S. imposed transit fee.
00:04:18.860Now, I'm going to have more on that in a moment, but the military situation remains extremely tense.
00:04:25.360The United States has continued intense strikes against the Iranian military targets
00:04:30.740after accusing Tehran of violating previous understandings
00:04:35.420and threatening shipping throughout the Persian Gulf.
00:04:38.580Iranian forces have also responded with missile and drone attacks
00:04:42.260targeting Gulf region facilities and maritime traffic,
00:04:46.580keeping the entire region, well, on edge.
00:04:49.880Now, one of the biggest concerns right now is still very much commercial shipping.
00:04:55.360Major shipping companies are continuing to monitor the situation carefully.
00:04:59.960And vessel traffic through the strait has slowed significantly.
00:05:03.740Why? Because the insurers and the cargo companies and the tanker operators are now weighing the real growing risk from Iran.
00:05:11.120Every reduction in shipping raises concerns about higher energy prices and potential supply disruptions if the conflict worsens.
00:05:20.880Meanwhile, Iran's political leadership is also signaling that it intends to maintain, quote-unquote, their pressure.
00:05:28.600According to new reports, lawmakers in Tehran are advancing legislation related to Iran's control over the Strait of Hormuz.
00:05:36.720That is a move that analysts believe is intended to both strengthen Iran's negotiating position
00:05:42.120and also demonstrate resolve domestically and send a clear message to the U.S. and the Middle East
00:05:48.140that they're not done fighting now from washington the trump administration is continuing to argue
00:05:54.280that freedom of navigation must be protected and that iran cannot be allowed to threaten
00:05:59.940one of the world's most important maritime choke points now military analysts also say the united
00:06:05.860states now faces two well simultaneous objectives number one protect international shipping and
00:06:12.940And then number two, to prevent the conflict from expanding into a broader regional war
00:06:18.120involving additional countries that Iran would love to bring into the mix.
00:06:23.400Now, these goals are becoming increasingly difficult.
00:06:26.620Why? Because Iran continues to act more and more erratic each and every day.0.99
00:06:32.000Now, the financial markets are also watching every development closely,
00:06:35.860and this does have an impact on you and your family's budget.
00:06:39.080Oil prices have climbed sharply amid the renewed fears of supply disruptions
00:06:43.940And investors are trying to determine whether this becomes a prolonged confrontation
00:06:48.420Or whether diplomacy can eventually reduce tensions
00:06:52.300Even rumors surrounding the Strait of Hormuz can move global markets instantly
00:06:57.220Because of its enormous importance to international energy
00:07:01.120President Trump has also made it clear that he believes America's role in protecting international shipping
00:07:07.080has come at significant cost to the United States of America.
00:07:11.420And that's why he talked about having a proposed transit fee.
00:07:15.480Well, let's talk about what has happened with that in the last 24 hours.
00:07:20.760Now, President Donald Trump announced on Tuesday afternoon
00:07:23.660that he has now decided to replace his proposed 20% reimbursement fee on cargo ships
00:07:29.480transiting the Strait of Hormuz with trade and investment deals involving Gulf states
00:07:34.840while maintaining a blockade on ships traveling to or from Iranian ports
00:10:15.080Trump first announced that 20% reimbursement on Monday,
00:10:18.800declaring that the United States and the Strait of Hormuz would be open
00:10:23.220and it will remain open with or without Iran.
00:10:27.140And that is when he said the United States was reinstating that Iranian blockade
00:10:31.500which would only stop Iran's ships or customers from entering or leaving
00:10:35.760while all other countries would have fair and open use of the strait.
00:10:40.040Trump said the United States would expect to be reimbursed for protecting international shipping
00:10:44.500at that rate of 20% on all cargo ships.
00:10:47.880Now the president has clearly changed that.
00:10:50.840Now here's what's happened when it comes to the price of the pump.
00:10:53.860Oil prices have risen 4% in early trading on Monday going into Tuesday.
00:10:58.940Goldman Sachs came out and warned that the renewed escalation would increase short-term risk of higher prices by further disrupting Gulf exports.
00:11:08.480And that is exactly why the president's made it clear that in America, we have to continue to drill baby drill.
00:11:14.140One thing is for sure, the president is being very proactive right now, making sure that Iran doesn't hold the world hostage.0.84
00:11:22.380And also, the president says the U.S. will knock out Iran's power plants and bridges next week, unless the regime makes a deal.0.67
00:11:31.420Take a listen to what the president had to say in his own words.
00:11:35.260Strikes were seen this week against Iran will expand.
00:11:38.960Are you considering hitting energy targets or other locations inside of Iran?
00:11:42.920And I'll save the energy targets for last, but ultimately we'll hit energy targets, yeah.
00:11:49.500But we're going to hit them very hard tonight.
00:11:52.120We're going to hit them very hard tomorrow night.1.00
00:11:54.520We're going to hit them very hard the night after.0.96
00:11:56.760And then next week it gets really bad for them because next week comes the power plants.
00:12:37.980all 67 economists got donald trump's inflation report wrong that's right america they want you
00:12:46.440to believe the economy is terrible but real inflation it just dropped by 0.4 percent that
00:12:53.860is the biggest drop in six years bloomberg surveyed 67 economists and 67 of those economists
00:13:01.860like I said got it wrong now the latest consumer price index shows that inflation cooled much more
00:13:09.360than the analysts had expected consumer prices falling 0.4 percent from the previous month
00:13:16.040again that is the largest monthly decline since the early months of the COVID-19 pandemic now
00:13:22.860while the annual inflation rate slowed also to 3.5 down from 4.2 in May economists had generally
00:13:30.220expected inflation to well somewhat cool but not this much and certainly not this fast now the
00:13:37.800financial markets they reacted quickly stocks moved higher treasury yields fell and investors
00:13:44.280increased expectations that the federal reserve could leave interest rates unchanged in the near
00:13:49.840term because inflation came in cooler than forecasted by all the quote-unquote experts
00:13:57.380Now, much of the improvement came from lower energy costs.
00:14:00.520Gasoline prices dropped sharply during June, contributing significantly to the overall decline in inflation.
00:14:06.980And while lower fuel prices were the biggest driver, the report also showed that core inflation,
00:14:12.060now that includes food and energy, was essentially flat for the month and slowed to 2.6% over the past year.
00:14:20.140That's not just good news. That is great news for all Americans.0.98
00:14:23.620As for President Trump, this report is an opportunity for him to argue that the economy is moving in the right direction under his administration.
00:14:32.820And throughout the year, he had maintained that inflation would come down while economic growth remained resilient.
00:14:39.200And today's report supports the view that inflation eased more than many forecasters had anticipated.
00:14:46.640You've got to ask yourself the question, is it because the media and the economists, they hate President Trump
00:14:52.500and they want him to have a big loss in the midterm elections.
00:14:56.060That's why they keep preaching doom and gloom,
00:14:58.840even though, I'll say it again, this is the biggest inflation drop in six years.
00:15:04.660Now, what this also means, and it's also very important for you to understand,
00:15:09.120that this report represents meaningful progress
00:15:12.060compared with the elevated inflation readings seen earlier this year.
00:15:16.420When you have lower monthly inflation,
00:15:18.280that can translate into less pressure on household budgets,
00:15:21.380and it also reduces the need for additional interest rate increases if the trend continued.