President Donald Trump has temporarily waived a century-old shipping law to allow oil and other resources to flow to the United States, a White House official told FOX Business on Wednesday.

Trump issued a 60-day waiver of the Jones Act, a mandate that only U.S. ships carry cargo between U.S. ports and stipulates that at least 75% of the crew members are American citizens. Additionally, it demands these ships are built in the U.S. and owned by U.S. citizens. 

“President Trump’s decision to issue a 60-day Jones Act waiver is just another step to mitigate the short-term disruptions to the oil market as the U.S. military continues meeting the objectives of Operation Epic Fury,” White House press secretary Karoline Leavitt said in a statement on X. “This action will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days, and the Administration remains committed to continuing to strengthen our critical supply chains.”

The war with Iran has effectively closed the Strait of Hormuz, a vital oil chokepoint that sees ships carry about a fifth of the world’s oil out of the Gulf region. Iran’s stranglehold and threats to ships in the narrow passageway has sent oil prices above $100 per barrel.

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President Donald Trump attends a St. Patrick’s Day reception, during Irish Taoiseach (Prime Minister) Micheal Martin’s visit, in the East Room at the White House in Washington, D.C., March 17, 2026.  (Reuters/Kylie Cooper / Reuters Photos)

Even with oil prices surging and appeals from Trump and Washington, U.S. allies are declining to take part in military efforts to secure the Strait of Hormuz.

Trump on Wednesday appeared to call out these allies in a post on his Truth Social platform.

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About 20% of the world’s oil supply crosses the Strait of Hormuz off the coast of Iran. The Iranian Regime is threatening to attack any vessels that cross the strait without permission.  (FOX / Fox News)

“I wonder what would happen if we ‘finished off’ what’s left of the Iranian Terror State, and let the Countries that use it, we don’t, be responsible for the so called ‘Straight?’ (sic) That would get some of our non-responsive ‘Allies’ in gear, and fast!!!” Trump wrote.

Proponents of the Jones Act claim it beefs up national security, prevents foreign countries from accessing the U.S. and protects the American shipbuilding sector.

Critics, however, argue that the 1920s law is outdated and hampers competitiveness in the industry while driving up shipbuilding costs.

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Previous instances in which the Jones Act has been temporarily waived include responses to major hurricanes, such as Hurricane Katrina in 2005 and Hurricanes Harvey and Irma in 2017.

This is a developing news story; check back for updates.

Josh D’Amaro officially assumed the role of Disney chief executive on Wednesday, taking charge of the company as it confronts a rapidly shifting entertainment landscape shaped by artificial intelligence, changing consumer behavior and pressure across its legacy media businesses.

His succession of Bob Iger follows a run leading Disney’s parks, experiences and products division – a segment that has become central to the company’s financial performance. The unit accounted for 57% of Disney’s $17.5 billion in profit last year, highlighting a growing reliance on theme parks and tourism as other areas face headwinds.

That dynamic is expected to shape investor expectations early in D’Amaro’s tenure. Market participants are looking for clarity on how Disney plans to adapt to advances in AI, which are poised to alter content production, distribution and monetization, while also intensifying competition from digital-first platforms.

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Josh D’Amaro officially took over the CEO role on Wednesday. (David Paul Morris/Bloomberg via Getty Images)

At the same time, Disney continues to grapple with internal pressures. Its traditional television networks remain in decline, and some of its biggest film franchises have delivered lackluster results at the box office. The company is also competing more directly with platforms such as YouTube and TikTok for audience attention, forcing a broader rethink of its content strategy.

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D’Amaro’s appointment also revives comparisons to former CEO Bob Chapek, another executive who rose through the parks division before a short-lived tenure that ended with Iger returning to the role in late 2022.

Iger will remain on Disney’s board through the end of the year. His return came during a turbulent period, when Disney shares had fallen sharply amid concerns about losses in its streaming business and broader questions about long-term strategy.

Former CEO Bob Iger will remain on Disney’s board through the end of 2026. (David Paul Morris/Bloomberg via Getty Images)

During his second stint as CEO, Iger restructured the company to give greater authority to creative leaders and worked to improve the economics of Disney’s streaming operations. His leadership was credited with helping Disney stay competitive in a rapidly evolving media landscape. 

Operationally, Disney expanded its investment in its parks and cruise businesses with a $60 billion commitment, while also advancing its direct-to-consumer strategy through the launch of an ESPN streaming service and a partnership with OpenAI. The company also produced multiple billion-dollar box office releases during that period.

D’Amaro previously led Disney’s parks, experiences and products division. (Patrick T. Fallon/AFP via Getty Images)

Even so, Disney’s financial performance has trailed the broader market. The company’s return on invested capital during Iger’s tenure was about 11%, compared with 77% for the S&P 500, according to LSEG data. Its valuation remains below recent averages, reflecting continued investor caution.

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D’Amaro now inherits that strategic framework at a time when those priorities are being tested by artificial intelligence and shifting consumer behavior. His ability to balance Disney’s high-margin parks business with the demands of a transforming media ecosystem is likely to define the company’s next phase of growth.

Reuters contributed to this report. 

Rolls-Royce Motor Cars has abandoned its ambition to become a fully electric brand by 2030, marking a significant shift in strategy as the global transition to electric vehicles shows signs of slowing at the very top end of the automotive market.

The decision, confirmed by chief executive Chris Brownridge, reverses a high-profile commitment made in 2022 under his predecessor Torsten Müller-Ötvös, who had pledged that Rolls-Royce would cease production of its iconic V12 combustion engines by the end of the decade.

At the time, the company positioned its first electric model, the Spectre, as the beginning of a rapid transition, targeting 20 per cent of annual sales in the near term and as much as 70 per cent by 2028. The long-term ambition was clear: a complete shift away from internal combustion engines within eight years.

However, Brownridge has now acknowledged that the assumptions underpinning that strategy have changed materially. He pointed to a combination of softened customer appetite for fully electric luxury vehicles and a broader easing of regulatory pressure in key markets.

“For every client that loves an electric vehicle there is one who does not,” he said, underlining the continued demand among Rolls-Royce’s ultra-high-net-worth clientele for traditional powertrains. “Some clients do want an electric vehicle, we build what is ordered.”

The recalibration reflects a wider industry trend, particularly among premium and luxury manufacturers, where the pace of electrification is proving more uneven than previously anticipated. While mass-market brands continue to push towards electrification, high-end marques are increasingly adopting a more flexible, demand-led approach.

Brownridge was careful not to outline a revised electrification timeline, declining to specify new targets for zero-emission sales or confirm how many additional electric models Rolls-Royce plans to introduce. Nor did he disclose current sales performance for the Spectre, though its market reception has been closely watched as a bellwether for electric adoption in the luxury segment.

Instead, the emphasis appears to be shifting towards optionality rather than outright transition. The V12 engine, long synonymous with Rolls-Royce’s heritage and brand identity, will remain part of the company’s offering for the foreseeable future.

“The V12 is part of our history,” Brownridge said, suggesting that legacy and customer preference are now being given equal weight alongside environmental considerations.

The move comes amid a broader reassessment of electric vehicle strategies across the luxury automotive sector. Just a day earlier, Bentley confirmed that its own transition to an all-electric lineup would be delayed, with its first zero-emission model now expected at least two years later than originally planned.

Together, the announcements highlight a growing divergence between policy ambition and market reality. While governments continue to push for decarbonisation, including through bans on new petrol and diesel vehicles in the 2030s, manufacturers are increasingly signalling that consumer demand, particularly at the premium end, may not align neatly with those timelines.

Rolls-Royce’s original 2030 commitment was made at a time of strong political momentum behind electrification and rising optimism about battery technology, infrastructure rollout and customer adoption. Since then, a more complex picture has emerged, with concerns around charging infrastructure, range anxiety and the experiential differences between electric and combustion engines influencing buyer behaviour.

In the ultra-luxury segment, where emotional connection and heritage play a significant role in purchasing decisions, those factors appear to be even more pronounced.

Despite stepping back from a fixed deadline, Rolls-Royce is not abandoning electrification altogether. The Spectre remains a central part of its future portfolio, and the company is expected to continue investing in electric technology. However, the transition will now be paced according to customer demand rather than dictated by a hard deadline.

The shift underscores a broader reality facing the automotive industry: the road to electrification is unlikely to be linear. For Rolls-Royce, the strategy now appears to be one of balance, preserving its legacy while adapting to a changing, but still uncertain, future.

Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.