The president announced on Truth Social Tuesday that he’d ordered the U.S. Development Finance Corporation (DFC) to provide political risk insurance “at a very reasonable price” to “ALL shipping lines”—but “especially Energy”—travelling through the Persian Gulf.
Trump had a solution to that, too, it seems, and not a good one. “If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,” he wrote. “No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD.”
At the same time, Trump’s offer for cheap insurance doesn’t quite pass the smell test.
The DFC offers investors political risk insurance to protect assets lost due to a range of conditions including “declared or undeclared war.” Those funds are held by a Corporate Capital Account used for the DFC’s investments and operating expenses, but excess collections are typically credited to the Department of the Treasury, according to a congressional research report from 2022.
In essence, Trump helped to start a war in the Middle East, and then offered to sell insurance to anyone afraid their stuff might get destroyed. That sounds like what some might call a racket.
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