Economist Peter Schiff slammed President Donald Trump on Monday after the president insisted Russia and Ukraine had agreed to an energy ceasefire despite neither side initially confirming the deal.
Trump ‘Imagined’ Russia-Ukraine Deal
In a post on the social media platform X, Schiff said that Trump “clarified” his claim of a ceasefire agreement via a post on Truth Social “after both sides denied agreeing to anything.” The Echelon Wealth Partners co-founder then said that Trump touted a ceasefire “because ‘I said you agree, that’s why.’ In other words, Trump simply imagined a deal,” Schiff said.
Hours before Schiff’s post, the official White House Rapid Response handle shared a clip of Trump speaking with reporters, who asked him about the purported deal despite both sides claiming there was no agreement in place. “They agreed,” Trump said, “You know why? Because I said, ‘You agree’ — that’s why,” Trump added.
“That thing has to get settled,” he said. “That war is a disaster. Did you see the numbers that just came out this month? 32,000, mostly soldiers, were killed. Young people, 32,000 killed. That war has to be over with,” Trump said.
Trump-Putin Russian Diesel Deal
Talks of a possible energy ceasefire agreement, which would bar both countries from hitting critical energy infrastructure targets, come as Trump also announced that Russia will supply the U.S. with 300,000 tons of diesel immediately, plus 500,000 tons of diesel in November and 1,000,000 tons after the November supply.
However, the announcement drew bipartisan pushback from Democratic Party Leaders, as well as GOP lawmakers, both of whom say that the deal undercuts 2022 sanctions imposed on the President Vladimir Putin-led country following the invasion under the former President Joe Biden administration.
Diesel Woes
Diesel remains an integral part of the economy, with sectors like Transportation, agriculture, and more directly tied to the fuel. According to the American Automobile Association (AAA) data, the national average price of diesel on Monday was $6.2665/gallon. For reference, diesel prices averaged over $3.6/gallon nationally a year ago.
As prices skyrocketed, Trump earlier announced a temporary decision to allow the sale of red-dyed diesel, used in construction and farming, while being exempt from the Federal Highway Tax, for highway use. Gov. Jay Robert ‘JB’ Pritzker (D-IL) also announced a similar decision following the executive order.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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