Donald Trump says he would back US diesel export ban - Financial Times

Donald Trump says he would back US diesel export ban

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Donald Trump says he would back US diesel export ban

President’s support for suspending foreign sales comes as conflicts in Middle East and Ukraine send price of vital fuel soaring

!Donald Trump gestures and points during a meeting, with American and British flags visible in the background.

*Donald Trump on Tuesday said: ‘I’ve said let’s not send out the diesel’ © Getty Images*

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Myles McCormick in Washington and Jamie Smyth in New York

Published5 hours ago

Updated14:23

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Donald Trump has said he backs banning exports of diesel as soaring fuel prices squeeze American farmers and truckers and threaten to fuel further inflation ahead of November’s midterm elections.

“I’ve said let’s not send out the diesel,” the US president said following a bilateral meeting with Ukraine’s leader Volodymyr Zelenskyy in New York on Tuesday. “I’ve called for it within my people. I’ve been talking about it.”

Trump’s support for the measure comes as Republican legislators representing rural regions, led by Iowa senator Chuck Grassley, call for action to curb a sharp rise in prices for the fuel that powers America’s agriculture and industrial sectors.

Treasury secretary Scott Bessent on Tuesday confirmed the administration was “examining . . . whether it’s feasible in terms of the overall refining capacity and whether a full or partial ban would work”.

The comments mark an abrupt U-turn from Washington, which had as recently as Monday insisted no such ban was on the table.

Interior secretary Doug Burgum last week said the administration “would consider an export ban if we thought that actually might lower prices, but that’s not the case”.

US diesel prices hit a fresh record of $6.53 a gallon on Tuesday, according to the AAA motoring group, as global supplies come under strain from wars in the Middle East and Ukraine. Prices have surged more than 70 per cent since the Iran war broke out in late February. They were below $3.70 a year ago.

“I’m glad President Trump’s on board,” said Tennessee