Donald Trump is offering a bandaid to fix the broken global supply chain as his illegal war with Iran spirals out into a regional conflict—but is it just another money-making scheme?
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’s announcement comes after the price of gasoline spiked 11 cents overnight, and the price of natural gas increased five percent. As part of a series of retaliatory strikes on nearby nations, Iran struck energy facilities in Qatar and Saudi Arabia and disrupted traffic through the Strait of Hormuz, where a fifth of all oil trade must pass through, causing crude oil prices to jump seven percent.
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.”
Trump is casually suggesting that the United States direct millions of taxpayer dollars to fund military protection for ships carrying oil and gas amid an ongoing major combat operation that most American taxpayers do not support and their representatives did not authorize.
At the same time, Trump’s offer for cheap insurance doesn’t quite pass the smell test.
The president did not specify how he would ensure the insurance would be reasonably priced. His post could indicate that the U.S. government plans to subsidize the insurance, which could mean spending even more taxpayer dollars.
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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