Good morning! Today is Saturday, July 25th 2026, and this is The American Conservative's Morning Brief. Britain's new prime minister Andy Burnham rolls out cost-of-living cuts and eyes nationalizing Thames Water, but Iain Macwhirter argues the "vibes" cannot disguise stagnant growth, mounting debt, and echoes of the 1970s IMF crisis. Fifty Senate Republicans, including Rand Paul, voted to advance an NDAA provision deepening U.S.-Israeli military integration — but Jack Hunter reports Paul's "yea" was a procedural move to unlock debate and amendments, not an endorsement. As the Iran War enters its 147th day, President Trump weighs further escalation and plans to tap seized Iranian funds for shipping damages, while Strait of Hormuz traffic collapses and a new Section 301 tariff regime targeting eighty countries takes effect. and now for the details. We begin with the Iran War, now in its 147th day. President Trump met this week with cabinet officials to weigh whether to further escalate the conflict, according to a New York Times report citing four anonymous sources. Meanwhile, Trump announced on Truth Social that he intends to use confiscated Iranian funds to cover damages to vessels attacked by the Islamic Revolutionary Guard Corps in the Strait of Hormuz. He called the move, quote, "fair and equitable." Iranian Foreign Minister Abbas Araghchi condemned the plan, warning that seizing another nation's assets to pay for unrelated future claims sets an incendiary precedent — and that once governments normalize confiscation, no one's assets are safe. As Harrison Berger reports for The American Conservative, the effects are rippling across global shipping. Traffic through the Strait of Hormuz fell about sixty percent on Thursday. And following the Houthis' declaration of a maritime embargo against Saudi Arabia, several insurers have told brokers they will no longer sell cargo insurance to Saudi-linked ships in the Red Sea. Brent Crude sits above ninety-six dollars a barrel, and the national average price of gasoline has climbed to four dollars and ten cents. Berger also notes that Prime Minister Netanyahu will visit the White House Tuesday — his seventh trip since Trump's second term began — and that, according to Reuters, China has initiated a push, now led by Pakistan, for new talks to end the war. On Capitol Hill, controversy continues over the National Defense Authorization Act, which authorizes more than one-point-one-five trillion dollars in new defense spending. A provision in both the House and Senate versions would significantly expand cooperation between the American and Israeli defense establishments. Representative Thomas Massie of Kentucky tried to strip the provision from the House bill but was denied a vote, and the measure passed largely intact. In the Senate, fifty Republicans, including Senator Rand Paul of Kentucky, voted to advance the bill — a move that drew heated criticism online, including from former Representative Marjorie Taylor Greene. As Jack Hunter reports for The American Conservative, Paul's critics are missing something crucial: the vote was procedural. Paul's senior advisor Doug Stafford told TAC that the senator opposes both the war Israel started with Iran and any integration of the two militaries, but that voting to proceed was the only way to open the bill to debate and amendment. Hunter, who once worked for Paul, notes this mirrors the approach long taken by Ron Paul — voting on rules to earn the right to offer pro-liberty amendments. Hunter also points out that Majority Leader John Thune, a staunch Israel hawk, voted no — a procedural maneuver that preserves his ability to bring the bill back up for another vote. The Trump administration has launched a new tariff regime, taking effect at one minute past midnight Friday. The move comes after the Supreme Court struck down the president's so-called Liberation Day tariffs, and follows the expiration of a stopgap measure. As Joseph Addington reports for The American Conservative, the new duties are imposed under Section 301 of the Trade Act of 1974, and target eighty countries the administration says have failed to prohibit imports made with forced labor. Countries deemed to have made some progress — including India, Mexico, and the United Kingdom — will face a ten percent tariff. Goods from China, Australia, Japan, and dozens of other economies will be taxed at twelve-and-a-half percent. Oil, natural gas, fertilizer, and certain food products are exempted. Those are today's highlights. For the full stories and more, visit theamericanconservative.com. Thank you for starting your morning with us.