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What a US gas tax suspension could mean for drivers and the prices they see at the pump

What a US gas tax suspension could mean for drivers and the prices they see at the pump

President Donald Trump wants to suspend the federal gas tax to ease financial strain from high fuel prices during the war with Iran
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The Iran war is hitting home as gasoline prices fuel inflation surge of 3.8% in the US

The Iran war is hitting home as gasoline prices fuel inflation surge of 3.8% in the US

U.S. consumer prices climbed a sharply again last month as the 10-week war with Iran pushed energy prices higher
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Producer prices shot up 6%, adding pressure on companies to hike prices for struggling customers

Producer prices shot up 6%, adding pressure on companies to hike prices for struggling customers

U.S. wholesale inflation came in hot last month
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Oil prices slip on teetering Iran ceasefire as Trump heads to China

Oil prices slip on teetering Iran ceasefire as Trump heads to China

By Katya Golubkova TOKYO, May 13 (Reuters) - Oil prices fell on Wednesday after rising in three consecutive sessions, as investors awaited developments around the fragile ceasefire in the Iran war and U.S. President Donald Trump headed to China for a high stakes summit with President Xi Jinping.
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Trump says stopping Iran's nuclear program outweighs Americans' economic pain

Trump says stopping Iran's nuclear program outweighs Americans' economic pain

By Daniel Trotta May 12 (Reuters) - U.S. President Donald Trump said on Tuesday that Americans’ financial struggles are not a factor in his decision-making as he seeks to negotiate an end to the Iran war, saying that preventing Tehran from acquiring a nuclear weapon is his top priority.
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President Trump Proposes Suspension of Federal Gas Tax Amid Rising Prices Due to Iran Conflict

President Trump Proposes Suspension of Federal Gas Tax Amid Rising Prices Due to Iran Conflict

President Trump has proposed a temporary suspension of the federal gas tax in response to soaring gas prices, which have increased significantly due to the ongoing conflict with Iran. The proposal aims to alleviate the financial burden on American consumers, who are facing average gas prices of $4.52 per gallon, a substantial rise from the pre-conflict average of under $3. The federal gas tax currently stands at 18.4 cents per gallon for gasoline and 24.4 cents for diesel. The suspension would require congressional approval. The conflict has disrupted oil tanker routes through the Strait of Hormuz, a critical passage for global oil supply, contributing to the price surge.
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Americans don't think Trump has explained Iran war goals, Reuters/Ipsos poll shows

Americans don't think Trump has explained Iran war goals, Reuters/Ipsos poll shows

WASHINGTON, May 11 (Reuters) - Two out of three Americans think President Donald Trump has not clearly explained why the country has gone to war with Iran, according to a Reuters/Ipsos poll completed on Monday that also showed his approval rating ticking up from the lowest level of his term.
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World markets feel the strain as US–Iran war grinds on

World markets feel the strain as US–Iran war grinds on

By Karin Strohecker and Dhara Ranasinghe LONDON, May 12 (Reuters) - From a rout in Asian currencies to the closure of a low budget U.S. airline, the dragging Middle East conflict is starting to bite across the globe and test the resilience of financial markets.
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Trump says federal gasoline tax to be reduced 'till it's appropriate'

Trump says federal gasoline tax to be reduced 'till it's appropriate'

WASHINGTON, May 11 (Reuters) - President Donald Trump said on Monday he will reduce the 18-cent federal gas tax for a yet to be determined period as U.S. fuel prices shoot higher due to the Iran war.
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Analysis-Trump wants China's help on Iran. Beijing may have other ideas

Analysis-Trump wants China's help on Iran. Beijing may have other ideas

By Andrea Shalal, Michael Martina and Trevor Hunnicutt WASHINGTON/BEIJING, May 13 (Reuters) - When U.S. President Donald Trump meets Chinese President Xi Jinping this week he is expected to ask for help resolving his costly and unpopular war with Iran.  He is unlikely to get the support he wants. 
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President Trump Advocates for Temporary Federal Gas Tax Reduction Amid Price Surge

President Trump Advocates for Temporary Federal Gas Tax Reduction Amid Price Surge

President Donald Trump has announced his intention to reduce the federal gas tax as a response to escalating fuel prices caused by the conflict with Iran. The tax, which stands at 18 cents per gallon, would be suspended for an unspecified period. This proposal requires congressional approval, with Senator Josh Hawley introducing related legislation. The average gas price in the U.S. has reached $4.52 per gallon, the highest since 2022. Rising fuel costs are impacting the prices of other goods, posing a challenge for the Trump administration and Republicans ahead of the midterm elections.
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European equities fall as fragile Mideast ceasefire dents risk sentiment

European equities fall as fragile Mideast ceasefire dents risk sentiment

By Twesha Dikshit May 12 (Reuters) - European shares fell on Tuesday as fading hopes of a U.S.-Iran peace deal pushed oil prices higher and kept investors on edge. U.S.