We are arguing semantics, the Administration isn't. They are exercising any possible measure it impact our 2A rights.
It's not about the "or," much like the motto let no crisis go unused, they are not going to let any wording go unused. It was ignored in the past, now, by stroke of pen or any means available, tightening the screws on gun ownership won't be.
As time goes by, there will be more enforcement such as the Ares Armor takings, reviews of interpretations on the import of ammo and firearms, and in every case, the result will be to further restrict the sales and imports.
Easy sell to the non shooting public, it's armor piercing by the final authority's interpretation, if you disagree, then it stereotypes your response into the "gun nut" pigeon hole. Expect other shooters to support the administrations decision, because what do you need armor piercing ammo for? Gonna shoot a cop?
It's all win for them. What Congressman is going to face that kind of media play?
Aside from the legal interpretation, if the ammo could come back on the market at a higher price, would it still sell in the same amount? No - the #1 attraction was that it was cheap. And that will be spun by the Administration, too. Cheap cop killer bullets that let shooters blast away in "hi cap" magazines for no good reason.
I'm not saying don't oppose this decision, just suggesting that we be aware how the dice are loaded. Go into it with your eyes open, it's harder to surprise you.
There's nothing morally wrong with inexpensive ammo, but times change, and guns that shoot specific cartridges can and will fall by the wayside as availability and marketing work their way over the years. I sold off my .308 15 years ago, and the .22 sits in the safe taking up space. We may eventually get 7n6 back, what are you going to shoot in the meantime?