(CNN) — President Donald Trump said Monday that he intends to suspend the federal gas tax amid soaring prices at the pump as the US war with Iran drags on.

The spike is deepening consumers’ pessimism about the economy, adding to Republicans’ concerns about their fate in November’s midterm elections.

However, pausing the 18.4-cent-per-gallon levy on gas and the 24.4-cent-per-gallon tax on diesel won’t do much to relieve drive...