President Trump is authorizing a 90-day extension of his waiver to the Jones Act — a longstanding shipping law — to ease economic concerns around the war with Iran.
White House assistant press secretary Taylor Rogers, writing on social media Friday, said “new data compiled since the initial waiver was issued revealed that significantly more supply was able to reach U.S. ports faster.”
The Jones Act is a 1920 law that says the transport of products between U.S. ports must be conducted by American vessels. It’s been criticized as a costly obstacle to trade.
The waiver lets foreign-flagged ships move cargo between U.S. ports, making for a more economically efficient process since more vessels are available.
Mr. Trump authorized U.S. strikes on Iran in coordination with Israel on Feb. 28.
Since then, Iran has clamped down on critical waterways near its shore, resulting in energy shocks and restrictions on fertilizers and petrochemicals in the global supply chain.
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“This waiver extension provides both certainty and stability for the U.S. and global economies,” Ms. Rogers wrote on X. “The Trump Administration has taken several actions to mitigate short-term disruptions to the energy markets, and this extension will help ensure vital energy products, industrial materials, and agricultural necessities are maintained.”
The U.S. and Iran are eyeing a new round of talks to end the war. Mr. Trump says Iran cannot pursue a nuclear weapon, and he will not be rushed into making a bad deal.
“We have no pressure,” Mr. Trump said Thursday in the Oval Office. “I want to make the best deal. We have plenty of time.”
European, Asian and Middle Eastern allies are feeling the squeeze in their economies, however, and are hoping for a fast resolution to the conflict.
Brent crude oil, an international benchmark, is trading above $100 per barrel, and gasoline prices in the U.S. are starting to inch up again.
The national average price of a gallon of gas stood at $4.05 on Friday, up from $4.03 on Thursday.
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Prices had been even higher a week prior, though relief from a ceasefire between Iran and the U.S. seems to be eroding.
Gas cost around $3 per gallon, on average, at the start of the war.
Mr. Trump says Americans must experience some short-term pain for long-term gain.
“You know what they get for [high prices]?” Mr. Trump said. “Iran without a nuclear weapon that is going to try and blow up one of our cities or blow up the entire Middle East.”
• Tom Howell Jr. can be reached at thowell@washingtontimes.com.
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