World News
Trump backs down on Hormuz shipping levy, seeks Gulf trade deals
US President Donald Trump has dropped the idea of charging a 20 percent fee on all cargo shipped through the Strait of Hormuz, and said he would instead take trade and investment deals with the Gulf states.
The change of plan comes a day after Trump proposed charging a 20 percent fee to guard the waterway.
“Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States,” he said in a post on Truth Social on Tuesday.
Trump did not mention any commitments by Gulf states, saying “Investments will be MASSIVE but, at the same time, extraordinarily good for them, and their future.”
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