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US President Trump is aiming to pause the 18-cent federal gas tax for a "period of time"; will wait for gas prices to come back down, and then "let it phase back in", CBS's Jacobs reports

Trump's proposal to pause the federal gas tax indicates an intent to alleviate rising energy costs amid fluctuating prices.

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Iran's Spokesperson of the Parliament's National Security Commission says Iran does not seek to keep the Strait of Hormuz permanently closed, Tasnim reports

Newsquawk Daily Economic Releases - 12th May 2026

US President Trump is aiming to pause the 18-cent federal gas tax for a "period of time"; will wait for gas prices to come back down, and then "let it phase back in", CBS's Jacobs reports

US President Trump said, on Iran's hardline leaders, that "they are going to fold". When questioned on regime change said, "I will deal with them until they make a deal", speaking to Fox

US President Trump is reportedly pushed back against Iran's demands for war reparations, as the administration views this to be implications of defeat, AP reports citing sources familiar

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This move could have significant implications for inflation expectations and consumer sentiment, potentially leading to a short-term boost in spending. Moreover, it might temporarily influence commodity prices, particularly in the energy sector, and affect market reactions in equities and currencies linked to energy.

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