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Iran War's Economic Impact: Could Soaring Oil Prices Erase Trump's Tax Benefits and Trigger a US Recession?
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Iran War Threatens Trump's Tax Relief, Sparks Recession Fears
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CNBC Awaaz
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10-03-2026, 17:27
Iran War Threatens Trump's Tax Relief, Sparks Recession Fears
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President Donald Trump's 'Big Beautiful Bill' tax relief may be nullified by rising oil prices due to a potential Iran war.
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Crude oil prices surged from $67 to $88 per barrel after the conflict began, increasing daily living costs.
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Experts estimate American consumers could spend $150 billion more on petrol, exceeding the $129 billion tax relief.
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Money intended for consumers' pockets could now go directly to petrol and energy costs, negating tax benefits.
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Concerns rise about weakening economic momentum and potential recession, despite past resilience to high oil prices.
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