English transcript

Um, with respect to the economy, um, and the cost of oil spiking,

is there a need to start those Navy escorts in the Strait of Hormuz now to sort of blunt the impact to people?

And also, because Spain is a member of the EU,

does that at all put a wrinkle in the President's plan for a trade embargo with them?

Uh, with... with respect to Spain, I think they heard the President's message yesterday loud and clear.

And it's my understanding over the past several hours, uh, they've agreed to cooperate, uh, with the U.S. military.

And so I know that, uh, the U.S. military is coordinating with their counterparts in Spain.

But the President expects all Euro... all of our European allies, of course, to, uh, cooperate

in this long sought-after mission, not just for the United States but also for Europe, uh, to crush the rogue Iranian regime.

That again, not only threatens America but also threatens our European allies as well.

Uh, with respect to oil prices and the economy here at home, of course, um, this is something that

Secretary Bessent, Secretary Wright,

the National Economic, uh, Council of Energy that is led by Governor Burg... Secretary Burgum, excuse me,

uh, has been long working on and well in advance.

Uh, yesterday, President Trump announced the U.S. Development Finance Corporation

will provide political risk insurance at a very reasonable price

for crude carriers and cargo ships operating in and around the Gulf.

And as you pointed out, Jackie, the President said if necessary, uh, and when appropriate,

the U.S. Navy will begin escorting tankers through the Strait of Hormuz.

I think it speaks to why this action was so necessary that ultimately the ene... energy industry is going to benefit

from the President's actions with respect to Iran, uh, because Iran will no longer be controlling

uh, the Strait of Hormuz and restricting the free flow of energy, which as you all know,

controls 20% of the world's global, uh, oil supply.