There is a divergence between market pricing (54% for June) and mainstream diplomatic analysis. While the Trump administration aggressively promotes a 'War on Cartels' narrative, comparing them to ISIS, mainstream media (e.g., LA Times, Time) highlights sovereign red lines drawn by Mexico and legal constraints, suggesting 'direct participation' is unlikely. The market, however, is betting that the administration will bypass diplomatic norms, leveraging 'Non-International Armed Conflict' (NIAC) designations to conduct unilateral strikes in theaters like Ecuador or international waters.