Trump authorizes lifting the shipping ban for 60 days to reduce energy transportation costs within the U.S.

At local time on March 18, U.S. President Trump authorized a 60-day temporary exemption for the “Jones Act” to reduce transportation costs for bulk commodities such as oil and natural gas within the United States. Under the measure, over the next 60 days, ships flying foreign flags will be allowed to transport the relevant energy and other goods between U.S. ports. The “Jones Act” was enacted in 1920 to support the U.S. domestic shipbuilding and shipping industries. The “Jones Act” requires that vessels transporting cargo between U.S. ports be U.S.-made, U.S.-registered, and fly the U.S. flag; most of the vessels’ beneficial ownership must be held by U.S. citizens, and the vessels must be operated by U.S. crews. The “Jones Act” is intended to protect the interests of the country’s maritime industry by prohibiting foreign ships from carrying out transportation on domestic routes within the United States, but it has also been highly controversial because it restricts shipping capacity during emergencies and drives up transportation costs. Some analysts say that this exemption is viewed by the U.S. government as one of the measures to help ease pressure on energy prices caused by military action involving Iran. (CCTV News)