Trump Prepares to Invoke Emergency Law to Ease Sable Offshore Permitting
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.Trump to invoke emergency law to ease Sable Offshore permitting, Bloomberg saysEMERGENCY LAW:In a "long-shot bid" to help ease the global crude supply crunch spurred by his war with Iran, President Donald Trump is preparing to invoke the Defense Production Act to preempt state laws and ease permitting for Sable Offshore, which is looking to restart significant oil production from a cluster of offshore platforms in California, reported Bloomberg's Jennifer Dlouhy and Nathan Risser.STRAIT OF HORMUZ:In the first public comments from Iran's new Supreme Leader Mojtaba Khamenei since he was appointed on March 9 after the assassination of his father, Khamenei has said all U.S. military bases in the Middle East should close immediately as those bases will be attacked. The closure of the Strait of Hormuz maritime passage should be continued as a "tool to pressure the enemy," he said in televised comments, according to a translation by Reuters. "Iran will not refrain from avenging the blood of its martyrs," Khamenei is quoted as having said.Meanwhile, Ebrahim Zolfaqari, spokesperson for Iran's military command, said the world should "Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised," Reuters' Parisa Hafezi and Alexander Cornwell. The total number of merchant ships that have been hit since the war began has now risen to 14, the report states.SECTION 301 TARIFF INVESTIGATIONS:The Trump administration is preparing to announce new tariff investigations as soon as Wednesday will be initiated under Section 301 of the Trade Act of 1974, which allows the president to levy tariffs against nations that discriminate against U.S. firms or commerce,The Wall Street Journal's Gavin Bade. The Section 301 tariffs are designed to replace the temporary global duties of 10% that Trump imposed last month after the Supreme Court ruled many of his second-term levies illegal, the report noted.THERMO FISHER VISIT:In a Truth Social post, President Trump, "I am on my way to the Great State of Ohio, which I love and WON BIG three times, to visit Thermo Fisher, a Pharmaceutical Manufacturing Company, that is investing $2 Billion Dollars in U.S. Manufacturing, and bringing GREAT paying jobs back to Ohio from overseas. Thermo Fisher is doing this because of my America First Trade Policies, most specifically TARIFFS, which charge other Countries for access to our Markets while protecting our important Industries, and strengthening our Supply Chains. Thanks to my 'Most Favored Nation' Deals, Prescription Drug Prices are coming down by A LOT, and I have asked Congress to CODIFY these Policies. After that I will be heading to the wonderful Commonwealth of Kentucky. See you soon!"
