New Delhi, May 12 -- President Donald Trump said Monday that his administration will move to temporarily suspend the federal gasoline tax as American consumers face rapidly rising fuel prices triggered by the escalating conflict surrounding Iran and disruptions in one of the world's most critical oil shipping corridors.

"We're going to take off the gas tax for a period of time, and when gas goes down, we'll let it phase back in," Trump said during an interview with CBS News, signaling one of the most politically significant economic interventions of his second term.

The proposal comes as the US grapples with mounting inflationary pressure caused by instability in the Persian Gulf, where military tensions involving Iran, Israel, and the ...