US President Trump waives century-old shipping law due to rising fuel costs

The US government has temporarily waived a century-old shipping law, known as the Jones Act, in an effort to address rising fuel costs and alleviate pressure on the oil market. The waiver will be in effect for 60 days.

According to reports, President Trump signed an executive order waiving certain provisions of the Jones Act, which regulates maritime trade between US ports. The move aims to increase domestic shipping capacity and reduce reliance on foreign vessels.

The decision comes amid concerns over fuel prices and shortages, particularly in the fertilizer sector. Industry experts say that the waiver will help to stabilize oil markets and provide relief for businesses affected by the shortage.

The Jones Act has been a contentious issue in recent years, with some arguing that it stifles competition and increases costs for consumers. However, proponents of the law argue that it helps to protect national security and ensure the integrity of the US maritime system.

Details of the waiver are as follows: the executive order will be effective from March 1st until May 31st, allowing for increased domestic shipping capacity and flexibility in responding to fuel shortages.

The move is seen as a significant development in the ongoing effort to address rising fuel costs and stabilize the oil market.

Source: Google News World