Trump Signs Executive Order to Expand "Tax-Exempt Fuel" Eligibility as Diesel Prices Soar

[Financial News] As diesel prices continued to surge ahead of the midterm elections, U.S. President Donald Trump turned to expanding access to tax-exempt fuel.
On the 5th (local time), President Trump signed an executive order temporarily allowing tax-exempt diesel intended for agricultural and construction equipment to be used on public roads, while deferring fuel tax payments.
At a campaign rally in Nebraska, President Trump signed the order and said, "Anyone will be able to purchase and use for vehicles the federally tax-exempt diesel known as red-dyed diesel." In the United States, the fuel is used for farm machinery, construction equipment and heating, and contains red dye to distinguish it from fuel intended for regular road use.
The White House explained in a fact sheet that the Treasury Department would defer payment of federal fuel taxes imposed on the road use of red-dyed diesel for the remainder of this year, while also considering fully exempting the tax at a later date. The White House added, "This measure is expected to save more than $100 (about 130,000 won) each time a heavy truck refuels," and "It will provide direct short-term support to working households, including farmers and truck drivers."
[email protected] Hong Chae-wan Reporter