Trump suspended the Jones Act for 60 days to lower fuel prices

US President Donald Trump has signed a decision to temporarily suspend the Jones Act for a period of 60 days in order to reduce the cost of transporting goods amid rising prices caused by the war in Iran. This was reported by Bloomberg on March 18.

The Jones Act prescribes that any cargo traveling between US ports must be delivered only on American-made ships, under the national flag and with a crew consisting of citizens of the country.

"President Trump's decision to waive the Jones Act for 60 days is another step to mitigate short-term disruptions in the oil market while the US military continues to carry out the tasks of Operation Epic Fury,— said White House spokeswoman Caroline Leavitt.

According to the publication, repealing the law could reduce fuel prices for East Coast motorists by about 10 cents per gallon. Analysts point out that the Jones Act effectively blocked the delivery of gasoline from Houston to New York, making it economically unprofitable.

The administration has already announced the release of 172 million barrels from the strategic reserve, lifted some sanctions on Russian oil sales, and promised military escorts for tankers in the Strait of Hormuz. The White House stressed that the measure is temporary and will not affect American shipbuilding.

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Bloomberg reported on March 12 that the Trump administration is considering temporarily suspending the Jones Act. Experts warned that the effect could be limited, and the initiative itself could provoke political resistance from the shipbuilding industry and its supporters in Congress.

All important news is on the Izvestia channel in the MAX messenger.