Jones Act and Malta

Thu, 2017/09/28 - 1:58pm | Your editor
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The Trump Administration has waived one of the most pernicious pieces of antique protectionist legislation, alas for only 10 days, called the Jones Act of 1920. It requires that shipments within the USA be carried on “American bottoms”, vessels which are owned and operated by Americans. The intention: to control shipping on the Great Lakes, the Mississippi and other river basins, and via US canals.

The law, formally called the Merchant Marine Act, was crafted when the US did not yet include the States of Alaska and Hawaii, and before Puerto Rico's economy and population grew and became more integrated with the Mainland. Responding to the plea of P.R.Gov. RicardoRossello and with the support of Defense Secy Jim Mattis, will speed up help for the US island after Hurricane Maria and also cut the costs of shipping supplies of food and water needed there.

The next step is to repeal this piece of antidelluvian legislation when the 10 days' waiver ends.

 

The US dollar is mixed today which affects prices of any foreign share. This is not because of the Jones Act but because Fed chief Janet Yellen hinted that there will be a further interest rate hike in 2017. And after the Q2 GNP was revised upward the market expects higher rates sooner. Meanwhile the Trump tax reform plans are still under study. More interesting is that the Chinese Yuan or Renminbi is up over 2.4% today at 15.07 US cents.

 

More today from Malta, India, Morocco, Canada, Britain, Mexico, Israel, Britain, Russia, Curacao, Germany, Ireland, Bermuda, Denmark, Spain, Hong Kong, Australia, and Nevada.

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