Trump Action Archive

Supporting reports

• Iran tightens control of Strait of Hormuz; shipping effectively shut down — Iran's Islamic Revolutionary Guard Corps (IRGC) took control of passage through the Strait of Hormuz, effectively shutting down shipping to non-Iranian vessels. Reports indicate Iran is charging fees—some suggesting $2 million per ship—for passage. Kevin Hassett, Trump's economic advisor, stated on CNBC that the strait could reopen in two months under best-case scenarios, contradicting Trump's earlier claim that the strait was fully open.

Supporting reports

• Gasoline prices rose 14 percent amid Iran conflict — As a result of the Iran military operations, approximately 20 percent of the world's oil supply ceased transit through the Strait of Hormuz, causing oil prices to surge. Gasoline prices rose 14 percent in a single week, with further increases anticipated in jet fuel and diesel affecting transportation and agricultural sectors. The economic impact contradicted the administration's earlier justification for cutting domestic social programs due to fiscal constraints.
• California gas prices exceed $5 per gallon amid Iran conflict — California's average gas price reached $5.20 per gallon on 9 March 2026, a $0.55 increase since the Iran conflict began over a week prior, compared to the national average of $3.47. The price spike reflects broader oil market disruption caused by damaged Middle Eastern facilities and closure of the Strait of Hormuz. Governor Newsom's office attributed the increase directly to Trump's military actions, while the Trump administration characterized the price surge as a temporary disruption justified by removing Iran from power.
• Oil prices spiked to highest level since 2022 due to Iran war — The price of oil spiked overnight to its highest level since global trade surged in 2022 after COVID-19 lockdowns, briefly exceeding $100 per barrel. News that the Group of Seven advanced economies was willing to consider releasing strategic oil reserves brought prices down from their highs. A dropping stock market reflected the spike in oil prices, though drops moderated after news about possible strategic reserve releases and Trump's claim that the war was ending. The market ended higher than it began.
• Strait of Hormuz closure triggers severe global energy crisis — The stoppage of traffic through the Strait of Hormuz has triggered what Wall Street Journal reporters describe as "the most severe energy crisis since the 1970s" and is threatening the global economy. The strait carries not only oil but also fertilizer used for crops worldwide. Trump's March 3 offer of government insurance for shipping and possible Navy escorts has been insufficient to restore voyages.
• Oil prices surge amid Middle East conflict — West Texas Intermediate crude futures rose 12% to $102.28 per barrel, surpassing $100 for the first time since mid-2022, while Brent crude traded 12% higher at $104.76 per barrel. The surge followed production cuts by Middle East countries amid ongoing regional conflict. Trump dismissed the price spike as a "very small price to pay" for eliminating the "Iran nuclear threat," while analysts noted the administration's war strategy has consumed U.S. munition stockpiles and forced redeployment of air defense systems from South Korea to the Gulf.
• US-Israel war on Iran disrupts oil supply, driving gas prices up across Michigan and the US — A US-Israel military conflict with Iran has crippled major portions of the global oil supply chain, sending gas prices surging. In Michigan, prices spiked 60 cents per gallon in one week, topping $4.30 near downtown Detroit. The average US price rose 27 cents. President Trump dismissed concerns as temporary, stating prices will "drop very rapidly when this is over." Detroit-area drivers expressed frustration over elevated fuel costs tied to the conflict, though reactions to the war itself were mixed.

Supporting reports

• Trump and Xi agree to rare earths deal and tariff reduction in Busan summit — Donald Trump and Xi Jinping met in Busan, South Korea for trade negotiations. They agreed to a one-year rare earths agreement with annual renegotiation, a reduction of Trump's "fentanyl tariff" from 20% to 10% (lowering overall tariffs from 57% to 47%), and reciprocal Chinese measures suspending export controls. China committed to purchasing American soya beans and working to prevent fentanyl production. The meeting lasted 1 hour 40 minutes; Trump described it as a "12 on a scale of one to 10."
• Trump administration announces soybean purchase agreement with China — Treasury Secretary Scott Bessent announced that China agreed to purchase 12 million metric tons of soybeans this season and 25 million tons annually for three years. The announcement was made on Fox Business. However, the reported purchase volumes are lower than the 27 million metric tons China purchased in 2024 under the Biden administration, raising questions about the deal's actual value relative to prior arrangements.
• Trump administration reportedly grants China access to rare earth minerals on annual basis — According to reporting cited in the article, the Trump administration's trade deal with China includes provisions granting China year-to-year control over U.S. access to rare earth minerals. These materials are essential for electric vehicles and advanced weapons systems. The arrangement requires the United States to negotiate annually with Beijing for mineral access, creating dependency on Chinese discretion.
• Trump met with China's President Xi; Xi offered minimal engagement and no substantive commitments. — Trump held a bilateral meeting with Chinese President Xi Jinping. During the exchange, Xi remained largely silent and unresponsive to Trump's remarks, projecting disengagement. Trump claimed the meeting was successful and announced a trade agreement that included China resuming soybean purchases, suspending rare-earth export restrictions for one year, and the U.S. reducing tariffs on China by 10 percent. However, reporting indicated the agreement largely restored pre-escalation trade conditions rather than achieving Trump's stated objectives on industrial policy or manufacturing overcapacity.