politics

Trump says he aims to suspend gas tax "for a period of time"

Updated on: May 11, 2026 / 11:42 AM EDT / CBS News

Trump says he aims to suspend gas tax "for a period of time"

TL;DR

  • President Trump plans to suspend the federal gas tax "for a period of time" to help lower gas prices.
  • Suspending the tax requires congressional approval and would cost the government about half a billion dollars weekly.
  • Trump rejected a bailout for U.S. air carriers, stating they are not doing badly, despite rising jet fuel costs impacting airlines like Spirit.
  • He disagreed with Israeli Prime Minister Benjamin Netanyahu's claim about foresight concerning Iran's actions in the Strait of Hormuz.
  • Trump described Iran's latest peace proposal as "totally unacceptable" and "stupid."
  • He indicated that Iran made some concessions regarding their nuclear program but "not nearly enough."