President Trump's big goal this week is to get backup from other countries to avert a looming oil crisis.
He's asking other countries for help in securing the Strait of Hormuz, the vital shipping passage for oil and gas. Trump said he has spoken with roughly seven countries about policing the strait.
How are other countries reacting? So far, he's getting some pushback.
🔷 Germany's defense minister scoffed at Trump's request, stressing, "This is not our war."
🔷 China won't say whether it will assist in reopening the trade passage. In fact, Trump says he might delay his upcoming trip to China over the pending negotiations.
🔷 British Prime Minister Keir Starmer says U.K. and European allies are working to develop a "viable" plan for opening the waterway, but stressed it is "not a simple task."
What happens if the strait doesn't reopen?: There could be a global energy crisis. The Strait of Hormuz moves roughly 20 percent of the world's oil supply.
Trump is pressuring NATO allies for help: The president told the Financial Times that NATO alliances will face a "very bad future" if they don't help secure the passage.
Oil executives have been warning the administration that the oil crisis is likely to get worse, according to The Wall Street Journal.
JUST NOW — Trump slammed allies for not lending ships: "For forty years we're protecting you and you don't want to get involved in something minor?" Trump just said at the White House, criticizing allies for not lending ships to go to the Strait of Hormuz.
How the Trump administration is trying to keep oil prices at bay: "The White House has implemented or is considering several measures it hopes will lower oil prices—including further easing sanctions on Russian oil, a massive release of emergency energy reserves and possibly waiving a statute that limits crude flows between U.S. ports. Administration officials have also told oil chief executives that they are hoping to increase the flow of oil between Venezuela and the U.S., a White House official said." (WSJ)
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