TrendMacro CIO Donald Luskin argues that the oil market has been generously pre-supplied by OPEC, as though they anticipated the conflict between Israel and Iran. He dimisses the US/China trade "deal" as no deal at all, only a climb-down from mutual assured destruction. He expects the Supreme Court will strike down what's left of Trump's tariffs. Will tariffs be inflationary? They've already started to bite, at $70 billion year-to-date. But no inflation, just as there was no inflation in 2018 and 2019 when tariffs were last imposed.