Secretary Pete Hegseth made an unprecedented move to hit the campaign trail in support of a former Navy SEAL who is trying to unseat longtime Republican congressman and Trump antagonist Thomas Massie.

Secretary of War Pete Hegseth attacks Rep. Thomas Massie: "President Trump does not need more people in Washington who are trying to make a point, especially from his own party. He needs people willing to help him win, to vote with him when it matters the most. And too often, Thomas Massie has acted like his job is to stand apart from the movement that President Trump leads instead of strengthening it" "When President Trump needs backup, Massie wants to debate process. When the movement needs unity, especially at the biggest moment, Massie is willing to vote with Democrats. When conservatives are fighting the most radical left in American history, too often Massie's instinct is to throw elbows at fellow Republicans instead of the people who are destroying our country or want to destroy our country, and there's one man standing in their way and it’s Trump."

Secretary Rubio just said something every investor with global exposure needs to hear. China has a plan. They believe they will surpass the United States and become the world's most powerful country. And they are executing on that plan. Rubio's framing was unusually direct for a sitting Secretary of State. "I don't blame them. If I were the Chinese government, I would have the same plan." This is not a condemnation. It is a clear-eyed read of how nation-states behave. China is acting rationally in its own interest. The problem isn't the plan. The problem is where that plan intersects with American interests. "Their rise cannot come at our expense. Their rise cannot come at our fall." That is the line. And Rubio was explicit that this tension is not a short-term trade conflict. It is a defining feature of the relationship, one that will be playing out for a long time. For investors, this has real portfolio implications. A prolonged US-China rivalry means continued pressure on supply chains that run through China. It means defense and semiconductor investment remains a national priority. It means reshoring and allied-nation manufacturing continues to attract capital. It means companies with deep China revenue exposure carry a geopolitical risk premium that isn't going away. The market has priced some of this in. It has not priced all of it in.

.@SecretaryWright: “…A good chunk of that is President Trump's Energy Dominance Agenda. The world knows he's all in on growing supply. The United States is going to grow our supply of crude oil and refined products.”