A Tariff Ceasefire in Time of War Would Help Everybody

Iran's efforts to close the Strait of Hormuz have made gas prices rise to the point where they may threaten President Donald Trump's affordability agenda. Whether the closure is short or long, consumers are feeling the pain just as the latest economic figures show an economy that is sputtering and can use a boost.

But the President can help absorb the disruption and deprive Tehran of its goal to push our economy into reverse by cutting a deal on planned global tariff increases.

The Strait of Hormuz has been a key bottleneck for oil exports from the Gulf region with roughly one-fifth of global oil flows being impacted by the threat of Iranian missiles, mines, and drone strikes through the narrow waterway. The economic situation is becoming increasingly precarious as energy stockpiles worldwide quickly dwindle and prices rise in response to the choked-off supply that is not easily substituted. This explains why in recent weeks we've seen the fastest rise in gasoline prices in three decades.

Without sufficient defensive naval assets, including minesweepers, to safely protect and escort oil and liquified natural gas tankers through the Strait, commercial shipping there has largely ceased. President Trump has sought military assistance for this task from other nations, but it has not been forthcoming, even though they would benefit from the resultant low energy prices as we would.