U.S. President Donald Trump has extended the waiver period for the "Jones Act," which restricts domestic port-to-port shipping rights exclusively to U.S.-flagged vessels, by an additional 90 days, Reuters reported on the 13th (local time). The extension decision was made just two days before the previous waiver expiration date on the 15th.

Previously, the Trump administration implemented the Jones Act waiver in March to address surging energy costs stemming from the aftermath of the Iran conflict, and subsequently extended its validity twice for 90 days each. With this latest renewal, the Trump administration's Jones Act waiver sets the longest duration in history.

Enacted in 1920, the Jones Act stipulates that only U.S.-built, U.S.-owned, and U.S.-flagged vessels can transport cargo between U.S. ports. While intended to protect domestic shipping, restrictions on foreign-flagged cargo transport naturally drive up logistics costs. In the U.S. midterm elections held earlier this month, the rising burden of living costs, including oil prices, emerged as a core issue, resulting in a crushing defeat for the Republican Party against the Democratic Party.

According to the White House, an additional 90 million barrels of petroleum products have been transported between U.S. ports since the Jones Act waiver took effect in March. The additionally transported petroleum products include 27 million barrels of gasoline, 26 million barrels of crude oil, and 6 million barrels of renewable fuels.

[ⓒ Global Economic Times. 무단전재-재배포 금지]