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Oil prices are soaring, threatening a wider problem with inflation, but the president has insisted that borrowing costs must be lowered.
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Oil prices increased Wednesday despite President Donald Trump's suspension of the Jones Act, which regulates shipping. Unleaded gas costs 32 percent more than a month ago.
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Trump waives shipping law as gasoline prices soar AxiosTrump waives U.S. shipping law for 60 days to steady oil market CNBCOil prices spiral again as White House moves make little impact The Washington PostTrump issues 60-day waiver from Jones Act shipping rules to lower costs for oil as Iran war pressures prices. Follow live updates. The Boston GlobeU.S. Suspends Oil Shipping Rules to Ease Gas Price Pressures
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The Jones Act dictates that only U.S.-made ships can move cargo between U.S. ports. They charge customers more for shipping than foreign vessels.
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President Donald Trump on Wednesday took the much-anticipated step of waiving a 1920 law known as the Jones Act in an effort to combat soaring prices for crude oil and other key commodities.
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Watch Live: Sen. Rand Paul confronts Sen. Markwayne Mullin at DHS confirmation hearing CBS NewsTrump Live Updates: Markwayne Mullin Faces DHS Confirmation Hearing and Latest News The New York TimesLive: Senate confirmation hearing for Trump's DHS pick Markwayne Mullin BBCSen. Markwayne Mullin's secret war zone past Axios
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China ignores Trump's Hormuz request as the Iran war deepens and his Beijing trip slips AP NewsTrump Says U.S. Doesn't Need Allies to Reopen Strait of Hormuz The New York TimesEuropean Union rejects Trump's calls for military deployments to reopen Strait of Hormuz CBS NewsTrump says NATO's refusal to help on Iran is "very foolish mistake" Reuters
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President Donald Trump will use Tuesday's State of the Union to champion his immigration crackdowns, his slashing of the federal government, his push to preserve widespread tariffs that the Supreme Court just struck down and his ability to direct quick-hit military actions around the world, including in Iran and Venezuela.
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