Trump: US ‘Locked & Loaded’ for ‘Massive Attack’ | Balance of Power 07/24/2026

Summary

The show covered US-Iran military escalation, President Trump threatening a massive attack while talks continue, a new tariff framework using forced-labor provisions after the Supreme Court struck down prior authority, and EU-US trade tensions over digital taxes. A congressman argued that a shift to renewables would eventually lower oil prices, while a White House advisor cautioned the Fed not to hike rates during the energy price shock.

• Trump threatens massive attack on Iran, says US is 'locked and loaded' while negotiations persist.
• New US tariffs of 10-12.5% imposed on ~60 countries under Section 301 forced-labor provisions.
• EU faces potential retaliatory tariffs after fining US tech companies, raising transatlantic trade tensions.
• Oil prices hover near $100 as Strait of Hormuz blockade and military strikes continue.
• Congressman Krishnamoorthi argues renewable energy and EVs will reduce oil dependence and prices over time.
• Peter Navarro advises against Fed rate hikes, stating the energy shock itself will slow the economy.
• AI race with China narrowing, prompting calls for tighter semiconductor export controls.
• Political panel discusses midterm implications of tariffs and the White House correspondents' dinner.