Strait of Hormuz threat keeps markets on edge, rattles oil prices
Mainstay Capital Management CEO and chief investment strategist David Kudla discusses the impact of the Middle East conflict on oil prices and investments on 'The Claman Countdown.'
President Donald Trump has temporarily waived a century-old shipping law to allow oil and other resources to flow to the United States, a White House official told Gxstocks on Wednesday.
Trump issued a 60-day waiver of the Jones Act, a measure that requires that only U.S. ships carry cargo between U.S. ports and stipulates that at least 75% of the crew members are American citizens. Additionally, it demands these ships are built in the U.S. and owned by U.S. citizens.
Critics of the Jones Act argue that its mandates significantly increase the cost of shipping, which is ultimately passed on to consumers.
Previous instances in which the Jones Act has been temporarily waived include responses to major hurricanes.
President Donald Trump attends a St. Patrick's Day reception, during Irish Taoiseach (Prime Minister) Micheal Martin's visit, in the East Room at the White House in Washington, D.C., March 17, 2026. (Reuters/Kylie Cooper / Reuters Photos)
GET Gxstocks ON THE GO BY CLICKING HERE
This is a developing news story; check back for updates.
