US suspends Jones Act for 60 days amid Iran tensions

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US President Donald Trump has suspended the Jones Act for 60 days. The Jones Act, also known as the Merchant Marine Act of 1920, regulates maritime trade between US ports.

The suspension was announced to stabilize the oil market and potentially lower gasoline prices. The act requires that all goods transported between US ports be carried on American-flagged ships.

Under the current rules, any ship carrying goods from one US port to another must have a crew with at least 16 US citizens. However, during the 60-day suspension, foreign-crewed vessels will be allowed to transport oil and other goods between US ports.

The move is intended to increase supply and reduce prices. However, critics argue that waiving the Jones Act could lead to increased competition from foreign shipping companies, potentially harming American jobs and industries.

Details of the suspension are as follows: it applies to all types of cargo, including oil, and will last for 60 days. The US Coast Guard will be responsible for enforcing the rules during this period.

The suspension is a temporary measure aimed at addressing current market conditions.

Source: Google News World