The Weekly Reload Podcast

This week, we're starting to see the effects of President Trump's tariffs on the ammo market. To discuss the real-world pricing data we have Nathaniel Boos of Black Basin Outdoors on the show. Black Basin is an online ammo dealer, but it also publishes the most comprehensive pricing data on the internet. From that data Boos said we can already seen some signs of what's happening. And the results are interesting. For the most popular rounds, such as 9mm or 5.56 NATO, prices haven't moved very much overall. But under that steady stream are some fascinating undercurrents. As imports have become more expensive under the 10 percent tariff, American brands have largely chosen to reduce prices in an effort to retake marketshare--something that's evened pricing out in most sectors. However, Boos said Black Basin has already seen some overseas suppliers simply stop shipping product into the US. He said part of the reason prices haven't shot up across the board yet is that the market has a glut of supply following the 2024 election. He warned prices could increase once supply dwindles and demand picks back up, likely in the Fall. Boos argued the tariffs could end up limiting consumer options and pushing up prices over time, even eliminating supply of some less popular rounds. But in the short term, they've helped American ammo makers recapture market share while imposing little monetary pain on consumers--an outcome tariff supporters are aiming at.

Contributing writer Jake Fogleman and I unpack federal lobbying data from the first quarter of 2025, which show that gun-rights groups have been far outspending gun-control advocates on the Hill. We also cover new monthly gun sales data showing a continued slump for the industry. Finally, we discuss a new gun industry liability shield signed into law in Tennessee before wrapping up with some stories from outside The Reload.

This week, we're taking a deep dive into the National Rifle Association's latest financial report. That's why we have non-profit expert and Ohio State University accounting professor Brian Mittendorf back on the show. The NRA just had its annual meeting in Atlanta, Georgia, which I was able to attend and pick up copies of the group's latest annual report. That report shows the membership dues, legal spending, and even conflicts of interest at what remains by far the nation's largest gun group. Professor Mittendorf said the numbers showed an organization that's still in decline, and still racked by legal costs. However, he also said the NRA's slide is slowing, and there are clear opportunities for them to stabilize or even rebound. He noted that legal spending, while still sky-high compared to their pre-scandal days, is falling. In fact, the group's new CEO said legal fees had dropped dramatically from even the time the latest report covers. Mittendorf said that alone could free up tens of millions of dollars, without raising new funds, to put toward the core services the group has cut over the years--something that could pull members back in.Special Guest: Brian Mittendorf.

Contributing Writer Jake Fogleman and I discuss a series of legal filings from the Department of Justice urging the Supreme Court not to hear a case on the federal gun ban for non-violent felons. We also look at a brief it filed on the other side of a gun rights issue, urging the Court to overturn a ruling upholding Hawaii's "sensitive places" restrictions on gun carry. Finally, I recap my time covering the NRA's annual meeting, where reformers made major gains at the highest levels of the organization.

This week, we're taking a look at a new approach to gun business investing. Kareem Shaya and Chuck R. from Open Source Defense have launched a new venture capital firm focused on the gun industry. They joined the show to explain why they decided to take the traditionally tech-focused approach and apply it to self-defense companies. The pair, who've worked at major tech companies and startups over the years, said they noticed a lack of interest in firearms firms over the years. They argued the sector is underdeveloped and ripe for new technological advancements. That's why they believe there are real opportunities for investment despite the relatively small size of the gun industry and the headwinds gun businesses are currently facing going into 2025. They admitted they aren't positive if what they're doing will succeed, especially given the investment multiples they occasionally need to hit for the venture model to work. But they've already started to put their money where their mouth is with a few early investments.

Contributing writer Jake Fogleman and I talk about the Supreme Court's decision to reject Minnesota's appeal of an Eighth Circuit decision striking down its age limit for carry permits, effectively clearing the way for young adults to carry guns in the state. We also talk about a new bill signed into law in Iowa this week that accomplishes the same thing for that state's residents. We then cover a new Fox poll showing more people disapprove of President Trump's handling of gun policy than approve in his first 100 days back in office. Finally, we wrap up with an update on my upcoming trip down to Atlanta to cover the NRA's annual meeting.

This week, we're taking a close look at the state of the NRA. The nation's largest gun-rights group is not nearly as large as it was half a decade ago. President Donald Trump just bailed on its conference. However, its civil corruption suit is now over, and its latest board election is in the books. To give us a detailed view of where the NRA is at today, we've got freelance reporter John Petrolino on the show. John often writes for Shooting News Weekly and Bearing Arms. He recently did a great breakdown of the NRA election for the latter. John said the reformers, who now go by NRA 2.0, won a sizeable victory and should have a significant majority headed into next weekend's NRA Annual Meeting. Other longtime board members and defenders of former CEO Wayne LaPierre, many of whom are now part of what's called Strong NRA, did not fare as well. But John noted those who didn't run under the banner of either group did the worst of all. He also said some prominent board members, like New York State Rifle and Pistol Association president Tom King, lost their bids. John said he was a bit surprised by some of the results, but he believes the board's partisanship may not last. He said both sides have made calls for unity, however hard that might end up being.Special Guest: John Petrolino.

Contributing writer Jake Fogleman and I cover the latest updates in the shooting at Florida State University, including the early response from President Donald Trump. We also talk about Trump's decision to skip the NRA's annual meeting for the first time since 2015 and what it says about the group's current influence. Finally, we discuss a new federal appeals court ruling upholding Massachusetts' ban on AR-15s and ammunition magazines as well as a new Montana bill cracking down on red flag laws.

This week, we're taking a close look at the state of the gun industry and the potential impact of President Donald Trump's tariffs. That's why I'm interviewing the head of the gun industry's trade group. National Shooting Sports Foundation (NSSF) general counsel Larry Keane is back on the show to detail where the industry is at today and where it's headed. Perhaps the biggest question to answer is what tariffs will do to domestic and foreign firearms companies. Keane said tariffs, even the reduced levels of the latest "pause," are likely to drive up costs for gun and ammo makers. He said importers are likely to be hit the hardest, but domestic manufacturers aren't immune from increased raw material costs either. He said NSSF is waiting to see exactly how things shake out and it expects some of its members will face steep challenges from the tariffs while others may end up benefiting from them. He also said he's hopeful the tariffs are just a negotiating tactic on the part of President Trump and believes they could lead to something positive for the industry. Keane noted NSSF's latest report shows strong long-term growth among gun businesses. Although, he did admit sales have been down recently and demand could remain relatively soft in the short term. Get a 30-day free trial for a subscription to The Dispatch here: https://thedispatch.com/join-offer-reload/?utm_source=thereload&utm_medium=partnerships-podcast&utm_campaign=0125Special Guest: Larry Keane.

Contributing writer Jake Fogleman and I discuss Colorado Governor Jared Polis signing the most sweeping and restrictive gun bill in the state's history into law and what that says about gun politics in the Democratic Party. We also talk about major new developments at the ATF, both in terms of potential gun policy changes, as well as the announced shakeup in the top two leadership positions of the agency. We also share new insights from members of the gun industry about what President Trump's tariff plans will mean for gun and ammunition prices going forward. Get a 30-day free trial for a subscription to The Dispatch here: https://thedispatch.com/join-offer-reload/?utm_source=thereload&utm_medium=partnerships-podcast&utm_campaign=0125