WASHINGTON, D.C. — President Donald Trump said a fragile ceasefire between the U.S. and Iran is on “massive life support” after rejecting Iran’s latest proposal to end the war, which Trump called “a piece of garbage.”
“It’s unbelievably weak. I would say I would call it the weakest right now. After reading the piece of garbage they sent us, I didn’t even finish reading it. I’m not going to waste my time reading it. I would say it’s one of the weakest right now. It’s on life support,” Trump said Monday.
Similar remarks by the president on Sunday preceded an increase in oil prices as markets continue grappling with an uncertain and volatile situation in the Middle East.
U.S. crude briefly climbed near $100 a barrel Monday morning, while Brent crude moved above that mark. The spike is largely tied to uncertainty surrounding the Strait of Hormuz — the critical shipping route responsible for moving a major share of the world’s oil supply.
The strait, along with Iran’s nuclear program, are two of the top sticking points that both sides have not been able to agree on.
“I’ve had to deal with them four or five times. They changed their mind. They’re very dishonorable people,” said President Trump. “It’s a pretty simple document — they will never have a nuclear weapon.”
Iranian state media reports Tehran is demanding control over the waterway, which has remained shut down and disrupted for more than two months. That disruption is impacting fuel prices globally. In the U.S., AAA says the national average for regular gas reached $4.52 a gallon Monday, inching closer to record highs.
President Trump said today, however, that he wants to temporarily suspend the federal gas tax to help ease prices — even though Congress would have to approve the move.
“Until it’s appropriate. It’s a small percentage, but it’s still money,” said President Trump when asked how long he would lift the tax.
The federal gas tax currently adds roughly $0.18 to every gallon of fuel, but Congress has rejected similar suspension efforts in the past.
In addition to the federal gas tax, states also levy their own gasoline and diesel taxes. Pennsylvania is among the highest at nearly $0.60 per gallon of gas and $0.74 for diesel. New York sits in the middle of the pack, with roughly $0.25 and $0.23 per gallon for gas and diesel, respectively. Michigan raised its gas and diesel tax from $0.31 to $0.52 on Jan. 1.
